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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 for cash for $3,500. The cost of the goods sold was $600. Which of the following journal entries correctly records this transaction?

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

B) Accounts Receivable   3,500   
     Cash       3,500

Cost of Goods Sold   600   
     Merchandise Inventory      600

C) Cash    3,500   
     Sales Revenue      3,500

Cost of Goods Sold   600   
     Merchandise Inventory      600

D) Merchandise Inventory   3,500   
     Sales Revenue      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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.unplugged..unplugged.
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8 years ago
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H3Ko Author
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#2
8 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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