In recording the cost of merchandise sold for cash, based on data ...

[cagreen833]

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

Question 2

On May 31, Team Shirts pays a 600 dividend to its shareholders. The dividend ________.
 
  A) increases assets by 600
  B) reduces retained earnings by 600
  C) is classified as dividend expense of 600
  D) increases net income by 600

[stano32]

Answer to Question 1

b

Answer to Question 2

B

[cagreen833]

Excellent

[abro1885]

TYSM