Perpetual inventory system-merchandise inventory

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Multi Corporation sold merchandise for $4,450 to Susan on credit. The cost of goods sold was $1,185. Assuming that the firm is following a perpetual inventory system, it will record $4,450 in the general journal. Accounts Receivable DR, Sales Revenue CR column of the sales journal. Merchandise Inventory DR column of the purchases journal. Accounts Receivable CR column of cash receipts journal.

Reference no: EM131208703

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