Able sells a piece of equipment to Smythe for $1700 on August 1. The equipment cost $1300. The ...

Able sells a piece of equipment to Smythe for $1700 on August 1. The equipment cost $1300. The equipment is picked up by Smythe on August 10. How is this transaction accounted for under a perpetual system of inventory?

A)
Sales1300
         Accounts  Receivable1300

Cost of Goods Sold1300
           Inventory1300

B)
Accounts Receivable1700
          Sales1700

Cost of Goods Sold1300
           Inventory1300

C)
Sales1700
          Accounts  Receivable1700

Cost of Goods Sold1700
           Inventory1700

D)
Accounts Receivable1700
          Sales1700