When a retail merchandising business sells goods to a customer the amount of the sold merchandise is credited to the merchandise inventory account

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joshvanlanduyt joshvanlanduyt

02-05-2020
Business

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When a retail merchandising business sells goods to a customer the amount of the sold merchandise is credited to the merchandise inventory account

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Parrain Parrain · Answer 1 · 2020-05-09T05:28:58+02:00

Parrain Parrain

09-05-2020

Answer: False

Explanation:

The revenue account for a Retail Merchandising Business is also known as the Sales Account.

When goods are sold they are credited to the Sales Account and it is no different here.

Therefore, When a Retail Merchandising Business sells goods to a customer the amount of the sold merchandise is credited to the Sales Account which makes the above statement false.

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