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H3Ko H3Ko
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7 years ago
A company that uses the perpetual inventory system sold goods for $3,500 to a customer on account. The company had purchased the inventory for $900. Which of the following journal entries correctly records the cost of goods sold?

A) Cost of Goods Sold   900   
     Merchandise Inventory      900

B) Merchandise Inventory   900   
     Cost of Goods Sold      900

C) Cost of Goods Sold   900   
     Sales Revenue      900

D) Accounts Receivable   900   
     Sales Revenue      900
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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TanksTanks
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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