(Answered) Question - invenco uses the periodic inventory system and

Accounting

Question - Invenco uses the periodic inventory system and sold inventory for $15,000 cash, for which the cost of goods sold is $5,000. What journal entry or entries should be made at the point of sale?

a. Dr Cash $15,000, Cr Sales $15,000, Dr Inventory $5,000, Cr COGS $5,000

b. Dr Cash $15,000, Cr Sales $15,000, Dr Purchases $5,000, Cr Inventory $5,000

c. Dr Cash $15,000, Cr Sales $15,000

d. Dr Cash $15,000, Cr Sales $15,000, Dr COGS $5,000, Cr Inventory $5,000

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