Anderson Furniture sold 15 desks, with a cost of $5,500, for $12,250 on account. Anderson uses the periodic inventory system. Which of the following is the correct way to record this transaction?
A)
Sales Revenue 12,250
Accounts Receivable 12,250
B)
Accounts Receivable 12,250
Sales Revenue 12,250
Cost of Goods Sold 5,500
Merchandise Inventory 5,500
C)
Accounts Receivable 12,250
Sales Revenue 12,250
D)
Accounts Receivable 12,250
Sales Revenue 12,250
Purchases 5,500
Merchandise Inventory 5,500
C
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