Top Posters
Since Sunday
T
3
s
3
o
3
G
3
k
3
C
3
a
3
K
3
f
3
j
3
b
3
c
3
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
H3Ko H3Ko
wrote...
Go to Answer
Posts: 4891
Rep: 45 0
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
Authors:
Read 241 times
2 Replies
Replies
Answer verified by a subject expert
TanksTanks
wrote...
#1
Top Poster
Posts: 1274
Rep: 237 0
8 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

H3Ko Author
wrote...
#2
7 years ago
I just realized you had posted this! Thanks so much
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1084 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 6076
  
 404
  
 211
Your Opinion
What percentage of nature vs. nurture dictates human intelligence?
Votes: 436
Previous poll results: Does a gender wage gap exist in America?