FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
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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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