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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
Owens Jewelers uses the perpetual inventory system. On April 2, Owens sold merchandise with a cost of $2,500 for $7,000 to a customer on account with terms of 2/15, n/30. Which of the following journal entries correctly records the sales revenue?

A) Sales Revenue   7,000   
        Cost of Goods Sold      7,000

B) Sales Revenue   7,000   
        Accounts Receivable      7,000

C) Accounts Receivable   7,000   
        Sales Revenue      7,000

D) Accounts Receivable   2,500   
        Sales Revenue      2,500
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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.unplugged..unplugged.
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7 years ago
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H3Ko Author
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#2
7 years ago
I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right
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