FF Co. has recorded the following transactions involving the Flat TV: Jan. 5 Purchased 8...
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Accounting
FF Co. has recorded the following transactions involving the Flat TV:
Jan. 5 Purchased 8 Flat TVs at a unit cost of $1,400 Jan. 18 Purchased 5 additional Flat TVs at $1,400 each Feb. 12 Sold 9 Flat TVs to the Duke Hotel for $15,300
Co.uses a perpetual inventory system, the journal entry to record the purchase on January 18th would include which of the following?
A. A debit to the Purchases account for $7,000. B. A debit to the Cost of Goods Sold for $7,000. C. A credit to Inventory for $7,000. D. A debit to Inventory for $7,000.
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