Feathertouch Company sold merchandize worth $800 on credit, terms n/15 . The merchandize sold had cost $550 . What is the required journal entry to record the transaction and to transfer the cost of merchandize inventory to cost of goods sold under the periodic inventory system?
a. Accounts Receivables 800
Sales 800
No entry for transfer to cost of goods sold.
b. Sales 800
Accounts Receivables 800
Merchandize Inventory 550
Cost of Goods Sold 550
c. Accounts Receivables 800
Merchandize Inventory 800
Cost of Goods Sold 250
Merchandize Inventory 250
d. Merchandize Inventory 800
Sales 800
Cost of Goods Sold 550
Merchandize Inventory 550
A
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