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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
Landon Jewelers uses the perpetual inventory system. On April 2, Landon sold merchandise with a cost of $3,500 for $8,000 to a customer on account with terms of 1/15, n/30. The journal entry to record the cost of goods sold would be:

A) Sales Revenue   3,500   
        Cost of Goods Sold      3,500

B) Cost of Goods Sold   3,500   
        Accounts Receivable      3,500

C) Merchandise Inventory   3,500   
        Cost of Goods Sold      3,500

D) Cost of Goods Sold   3,500   
        Merchandise Inventory      3,500
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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H3Ko Author
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7 years ago
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
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