Under the periodic inventory system, a sale on account will result in the following journal...
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Under the periodic inventory system, a sale on account will result in the following journal entry: Multiple choice question. debit to Accounts Payable and a credit to Sales debit to Accounts Receivable and a credit to Sales. Also, a debit to Cost of Goods Sold and a credit to Merchandise Inventory debit to Accounts Receivable and a credit to Sales debit to Cost of Goods Sold and a credit to Merchandise Inventory
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