6. A company that uses the perpetual inventory system sold goods to a customer on Page 1 of 4 account for $4,000. The cost of the goods sold was $2,000. Which of the following journal entries correctly records this transaction? A) 4,000 Cost of Goods Sold Sales Revenue 4,000 B) Merchandise Inventory Cost of Goods Sold 4,000 4,000 C) Accounts Receivable Cash 4,000 4,000 2.000 Cost of Goods Sold Merchandise Inventory 2.000 D) Accounts Receivable Sales Revenue 4,000 4,000 2.000 Cost of Goods Sold Merchandise Inventory Costief Goods Soldventory 2,000 2.000 2,000 CHAPTER 7 7. Which of the following is representative of safeguarding assets? A) attaching electronic sensors to merchandise inventory B) reducing expenses to increase operating profit C) increasing operating profit to increase net income D) allowing company accountants to handle cash 8. Which of the following is a requirement of the Sarbanes-Oxley Act? A) An outside auditor must evaluate the client's internal controls and report on the internal controls as part of the audit report. B) The Public Company Accounting Oversight Board must conduct audits of public companies. C) The accounting firm that audits a public client must also provide consulting services for the same client. D) The Public Company Accounting Oversight Board must create new accounting standards. 9. Which of the following statements about internal control is true? A) Internal auditors ensure that the employees follow company policies. B) The treasurer and controller have the same responsibilities. C) External auditors are employees of the company they audit. D) The internal control procedures are known as the "tone at the top