ch 3 - Question 1 (1 point) Marberry Company sold...

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Question 1    (1 point) Marberry Company sold merchandise to a customer for $1,000 cash. The merchandise, which cost Marberry $750, was  originally chaged to merchandise inventory. The correct accounting entry to record the cost of goods sold is to  Student response: Student Response Answer Choices a. Debit Cost of Goods Sold for $1,000;  Credit Cash for $1,000 b. Debit Cost of Goods Sold for $750;  Credit Cash for $750 c. Debit Cost of Goods Sold for $750;  Credit Inventory for $750 d. Debit Inventory for $750; Credit Cost of  Goods Sold for $750 Score: 1 / 1   Question 2    (1 point) Which of the following statements about closing entries is NOT true?  Student response: Student Response Score: 1 / 1   Question 3    (1 point) A firm with a fiscal year ending December 31, purchased a 6-month insurance policy for $1,200 on November 1. What  amount of the insurance cost should be expensed for the year ended on December 31.  Student response: Student
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This note was uploaded on 04/29/2010 for the course ACCT 5031 taught by Professor Rusth during the Fall '09 term at University of Houston.

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ch 3 - Question 1 (1 point) Marberry Company sold...

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