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Question
In recording the cost of merchandise sold based on data available from perpetual inventory records, the journal entry is a
a. debit to Cost of Merchandise Sold and a credit to Sales
b. debit to Cost of Merchandise Sold and a credit to Merchandise Inventory
c. debit to Merchandise Inventory and a credit to Cost of Merchandise Sold
d. debit to Accounts Receivable and a credit to Merchandise Inventory
Answer
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