Question - Invenco uses the periodic inventory system and sold inventory for $15,000 cash, for which the cost of goods sold is $5,000. What journal entry or entries should be made at the point of sale?
a. Dr Cash $15,000, Cr Sales $15,000, Dr Inventory $5,000, Cr COGS $5,000
b. Dr Cash $15,000, Cr Sales $15,000, Dr Purchases $5,000, Cr Inventory $5,000
c. Dr Cash $15,000, Cr Sales $15,000
d. Dr Cash $15,000, Cr Sales $15,000, Dr COGS $5,000, Cr Inventory $5,000