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A company that uses the perpetual inventory system sold goods to a customer on account for $4,000. The cost of the goods sold was $2,000. Which of the following journal entries correctly records this transaction? OA. Accounts Receivable Sales Revenue Costs of Goods Sold Merchandise Inventory OB. Cost of Goods Sold Sales Revenue C. Accounts Receivable Cash Costs of Goods Sold Merchandise Inventory OD. Merchandise Inventory Costs of Goods ... 4,000 2,000 4,000 4,000 2,000 4,000 4,000 2,000 4,000 4,000 2,000 4,000

A company that uses the perpetual inventory system sold goods to a customer on account for $4,000. The cost of the goods sold was $2,000. Which of the following journal entries correctly records this transaction? OA. Accounts Receivable Sales Revenue Costs of Goods Sold Merchandise Inventory OB. Cost of Goods Sold Sales Revenue C. Accounts Receivable Cash Costs of Goods Sold Merchandise Inventory OD. Merchandise Inventory Costs of Goods ... 4,000 2,000 4,000 4,000 2,000 4,000 4,000 2,000 4,000 4,000 2,000 4,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company that uses the perpetual inventory system sold goods to a customer on account for $4,000. The cost of the goods sold was $2,000. Which of the following journal entries correctly records this transaction? O A. Accounts Receivable Sales Revenue Costs of Goods Sold Merchandise Inventory OB. Cost of Goods Sold Sales Revenue C. Accounts Receivable Cash Costs of Goods Sold Merchandise Inventory OD. Merchandise Inventory Costs of Goods *** 4,000 2,000 4,000 4,000 2,000 4,000 4,000 2,000 4,000 4,000 2.000 4,000
Transcribed Image Text:A company that uses the perpetual inventory system sold goods to a customer on account for $4,000. The cost of the goods sold was $2,000. Which of the following journal entries correctly records this transaction? O A. Accounts Receivable Sales Revenue Costs of Goods Sold Merchandise Inventory OB. Cost of Goods Sold Sales Revenue C. Accounts Receivable Cash Costs of Goods Sold Merchandise Inventory OD. Merchandise Inventory Costs of Goods *** 4,000 2,000 4,000 4,000 2,000 4,000 4,000 2,000 4,000 4,000 2.000 4,000
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