Cumberland Co sells $1,200 of inventory to Hancock Cofor cash. Cumberland paid $850 for the merchandise. Under a perpetual inventory system, which of the following journal entry(ies) would be recorded?
A) Cash 1,200 Dr, Merchandise Inventory 850 Cr
B) Cash 1,200 Dr, Sales 1,200 Cr, Cost of Merchandise Sold 850 Dr, Merchandise Inventory 850 Cr.
C) Cash 1,200 Dr, Sales 1,200 Cr
D) Accounts Receivable 1,200 Dr, Sales 1,200 Cr, Cost of Merchandise Sold 850 Dr, Merchandise Inventory 850 Cr.
B
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