Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

10) A company that uses the perpetual inventory system sold goods to a customer on account for $2,300. Credit Terms is 2/10, n/30. The cost

image text in transcribed
10) A company that uses the perpetual inventory system sold goods to a customer on account for $2,300. Credit Terms is 2/10, n/30. The cost of the goods sold was $1,150. Which of the following journal entries correctly records this transaction? A) Dobit, Cost of goods sold \$2,300; Credit Sales Revenue $2,300 B) Debit Inventory, \$2,300 : Credit Cost of Goods Sold, \$2,300 C) Dobit Accountspecoivable \$2,300; Credit Sales Revenue \$2,300 Debit Cost of Goods Sold, \$1,150; Credit Inventiory, 51,150 D) Debit Accounts Receivable \$2.254; Credit Sales Revenue 52,254 Debt Cost of Goods Sold \$1,150; Credit inventory $1,150

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Data And Analytics In Accounting An Integrated Approach

Authors: Guido Geerts, Ann C. Dzuranin, Margarita Lenk

1st Edition

1119722993, 978-1119722991

More Books

Students also viewed these Accounting questions