Homework Answers
Answer: B
| Cost of goods sold | 9,790 | |
| Merchandise inventory | 9,790 |
Explanation:
Cost of merchandise inventory:
| Purchase value | $9,000 |
| Freight-in | $790 |
| Total | $9,790 |
Entry for cost of goods sold:
| Account title and Explanation | Debit | Credit |
| Cost of goods sold | 9,790 | |
| Merchandise inventory | 9,790 | |
| [To record cost of goods sold] |
Hence,
Option A is incorrect because Credit side account title and amount is incorrect
Option C is incorrect because it is reverse entry of cost of goods sold
Option D is incorrect because amount is incorrect
Thus, Answer B is correct.
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