Under the FIFO method, journal entry (entries) on April 14 is (are):
|
a. |
Accounts receivable |
686 |
|
|
Inventory |
686 |
||
|
b. |
Cost of goods sold |
686 |
|
|
Inventory |
686 |
||
|
c. |
Accounts receivable |
1,400 |
|
|
Sales revenue |
1,400 |
d. Both b and c are correct.