To record the sale of goods for cash in a perpetual inventory system:

(a) only one journal entry is necessary to record cost of goods sold and reduction of inventory.

(b) only one journal entry is necessary to record the receipt of cash and the sales revenue.

(c) two journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods sold and reduction of inventory.

(d) two journal entries are necessary: one to record the receipt of cash and reduction of inventory, and one to record the cost of goods sold and sales revenue.

AppendixLO1