The corbit corp. sold merchandise for cash 7200. the cost, Ask an Expert

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The Corbit Corp. sold merchandise for cash, $7,200. The cost of the merchandise sold was $3,950. The journal entry(s) to record this transaction would be 1. Cash 7,200 Sales 7,200 Cost of Merchandise Sold 7,200 Merchandise Inventory 7,200 2. Cash 7,200 Sales 7,200 Cost of Merchandise Sold 3,950 Merchandise Inventory 3,950 3. Cash 3,950 Sales 3,950 Cost of Merchandise Sold 3,950 Merchandise Inventory 3,950 4. Cash 7,200 Merchandise Inventory 7,200 Cost of Merchandise Sold 3,950 Sales 3,950

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M990415

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