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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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8 years ago
A company that uses the perpetual inventory system sold goods to a customer on account for $2,100.  The cost of the goods sold was $1,050. Which of the following journal entries correctly records this transaction?

A) Accounts Receivable   2,100   
     Cash      2,100

Costs of Goods Sold   1,050   
     Merchandise Inventory      1,050

B) Accounts Receivable   2,100   
     Sales Revenue      2,100

Costs of Goods Sold   1,050   
     Merchandise Inventory      1,050

C) Cost of Goods Sold   2,100   
     Sales Revenue      2,100

D) Merchandise Inventory   2,100   
     Costs of Goods Sold      2,100
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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8 years ago
I just realized you had posted this! Thanks so much
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