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Home Q & A Board Other Fields Homework Help Business Accounting
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radkins0108 radkins0108
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5 years ago
Jones Company sold merchandise on account for $90,000. This merchandise cost $58,000. The company uses the perpetual method of accounting for inventory. What would be the correct journal entry to record the transaction?

A)
Accounts Receivable90,000
      Sales90,000

B)
Accounts Receivable90,000
      Sales90,000
Cost of Goods Sold58,000
      Merchandise Inventory58,000

C)
Accounts Receivable90,000
      Merchandise Inventory58,000
      Gain on Sale32,000

D)
Accounts Receivable32,000
Cost of Goods Sold        58,000
       Sales90,000
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
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YASH1717YASH1717
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5 years ago
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radkins0108 Author
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5 years ago
Happy Dummy I'm impressed
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