Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A company that uses the perpetual inventory system sold goods to a customer for cash for $4,800. The cost of the goods sold was $500.
A company that uses the perpetual inventory system sold goods to a customer for cash for $4,800. The cost of the goods sold was $500. Which of the following journal entries correctly records this transaction? O A. Cost of Goods Sold O B. Merchandise Inventory O C. Cash 4,800 Sales Revenue 4,800 4,800 Sales Revenue 4,800 4,800 4,800 500 4,800 500 Sales Revenue Cost of Goods Sold 500 Merchandise Inventory D. Accounts Receivable 4,800 Cash Cost of Goods Sold 500 Merchandise Inventory
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started