Forever Jewelers uses the perpetual inventory system. On April 2, Forever sold merchandise with a cost of $3,500 for $7,000 to a customer on account with terms of 4/15, n/30. Which of the following journal entries correctly records the sales revenue? A. Sales Revenue 6,720 Accounts Receivable 6,720 B. Accounts Receivable 6,720 Sales Revenue 6,720 C. Accounts Receivable 3,500 Sales Revenue 3,500 D. Sales Revenue 6,720 Cost of Goods Sold

Forever Jewelers uses the perpetual inventory system. On April 2, Forever sold merchandise with a cost of $3,500 for $7,000 to a customer on account with terms of 4/15, n/30. Which of the following journal entries correctly records the sales revenue? A. Sales Revenue 6,720 Accounts Receivable 6,720 B. Accounts Receivable 6,720 Sales Revenue 6,720 C. Accounts Receivable 3,500 Sales Revenue 3,500 D. Sales Revenue 6,720 Cost of Goods Sold

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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