The Corbit Corp sold merchandise for cash, $7,200. The cost of the merchandise sold was $3,950. The journal entry(s) to record this transaction would be
A) Cash 7,200Merchandise Inventory 7,200Cost of Merchandise Sold 3,950Sales 3,950
B) Cash 7,200Sales 7,200Cost of Merchandise Sold 3,950Merchandise Inventory 3,950
C) Cash 7,200Sales 7,200Cost of Merchandise Sold 7,200Merchandise Inventory 7,200
D) Cash 3,950Sales 3,950Cost of Merchandise Sold 3,950Merchandise Inventory 3,950
B
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