Global Company sold merchandise for $11,700 on account. The cost of the items sold was $7,900. If the company uses the perpetual inventory system, which of the following best reflects the journal entry that should be prepared to record this transaction? Debit Credit A. Sales revenue 11,700 Accounts receivable 11,700 Cost of goods sold 7,900 Merchandise inventory 7,900 B. Accounts receivable 11,700 Merchandise inventory 7,900 Sales revenue 3,800 C. Accounts receivable 3,800 Sales revenue 3,800 D. Accounts receivable 11,700 Sales revenue 11,700 Cost of goods sold 7,900 Merchandise inventory 7,900 Group of answer choices A. B. C. D.
Global Company sold merchandise for $11,700 on account. The cost of the items sold was $7,900. If the company uses the perpetual inventory system, which of the following best reflects the
|
|
|
Debit |
Credit |
|
A. |
Sales revenue |
11,700 |
|
|
|
|
|
11,700 |
|
|
Cost of goods sold |
7,900 |
|
|
|
Merchandise inventory |
|
7,900 |
|
B. |
Accounts receivable |
11,700 |
|
|
|
Merchandise inventory |
|
7,900 |
|
|
Sales revenue |
|
3,800 |
|
C. |
Accounts receivable |
3,800 |
|
|
|
Sales revenue |
|
3,800 |
|
D. |
Accounts receivable |
11,700 |
|
|
|
Sales revenue |
|
11,700 |
|
|
Cost of goods sold |
7,900 |
|
|
|
Merchandise inventory |
|
7,900 |
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