Cumberland Co. sells $1,084 of merchandise to Hancock Co. for cash. Cumberland paid $722 for...
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Cumberland Co. sells $1,084 of merchandise to Hancock Co. for cash. Cumberland paid $722 for the merchandise. Under a perpetual inventory system, which of the following is the correct journal entry(ies)? Oa, debit Cash, $1.084 credit Merchandise Inventory: $722 Ob. debit Cash. $1,084. credit Sales. $1.084 and debit Cost of Merchandise Sold. 722credit Merchandise Inventory: 5722 Oc. debit Accounts Receivable. $1,084, credit Sales. $1,084, and debit Cost of Merchandise Sold, 5722 credit Merchandise Inventory, 5722 Od. debit Cash 5722: credit Sales. $722
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