Using a perpetual inventory system, how should a company record the sale of inventory costing $560 for $1,140 on account? 1. 560 Inventory 560 Cost of Goods Sold Sales Revenue 1,140 Accounts Receivable 1,140 Accounts Receivable 2. 1,140 Sales Revenue 1,140 560 Cost of Goods Sold 560 Inventory 3.Inventory 560 Gain 580 Sales Revenue 1,140 Accounts Receivable 4. 1,140 Sales Revenues 560 Gain 580 Multiple Choice Option 1 Option 3 Option 4 Sales Revenue 1,140 4.| Accounts Receivable 1,140 Sales Revenues 560 Gain 580 Multiple Choice Option 1 Option 3 Option 4 Option 2
Using a perpetual inventory system, how should a company record the sale of inventory costing $560 for $1,140 on account? 1. 560 Inventory 560 Cost of Goods Sold Sales Revenue 1,140 Accounts Receivable 1,140 Accounts Receivable 2. 1,140 Sales Revenue 1,140 560 Cost of Goods Sold 560 Inventory 3.Inventory 560 Gain 580 Sales Revenue 1,140 Accounts Receivable 4. 1,140 Sales Revenues 560 Gain 580 Multiple Choice Option 1 Option 3 Option 4 Sales Revenue 1,140 4.| Accounts Receivable 1,140 Sales Revenues 560 Gain 580 Multiple Choice Option 1 Option 3 Option 4 Option 2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Using a perpetual inventory system, how should a company record the sale of inventory costing $560 for $1,140 on account?
1.
560
Inventory
560
Cost of Goods Sold
Sales Revenue
1,140
Accounts Receivable
1,140
Accounts Receivable
2.
1,140
Sales Revenue
1,140
560
Cost of Goods Sold
560
Inventory
3.Inventory
560
Gain
580
Sales Revenue
1,140
Accounts Receivable
4.
1,140
Sales Revenues
560
Gain
580
Multiple Choice
Option 1
Option 3
Option 4
Transcribed Image Text:Sales Revenue
1,140
4.| Accounts Receivable
1,140
Sales Revenues
560
Gain
580
Multiple Choice
Option 1
Option 3
Option 4
Option 2
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