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26 July, 08:31

Selling inventory costing $93,000 for a selling price of $111,000 to customers on account (to be received at a later date) would require which of the following as part of the journal entry?

A. Credit to Gain on Sale for $18,000

B. Debit to Cash for $111,000

C. Debit to Inventory for $93,000

D. Debit to COGS for $93,000

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  1. 26 July, 08:36
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    D. Debit to COGS for $93,000

    Explanation:

    The following two journal entries are to be recorded in the accounts on the sale of inventory.

    Debit Credit

    Revenue $111,000

    Accounts receivable $111,000

    Cost of Goods sold $93,000

    Inventory $93,000

    So based on the above discussion, the answer is D. Debit to COGS for $93,000
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