High ridge merchandising co. sold inventory that had a cost, Ask an Expert

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High Ridge Merchandising Co. sold inventory that had a cost of $10,000. Assuming High Ridge uses the perpetual inventory method, the effect of the journal entry to record Cost of Goods Sold would:

a. increase assets & increase expenses

b. decrease assets & decrease equity

c. increase assets & increase equity

d. decrease assets & increase liabilities

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9436562

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