Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company that uses the perpetual inventory system sold goods to a customer for cash for $3,000. The cost of the goods sold was $1,000.

A company that uses the perpetual inventory system sold goods to a customer for cash for $3,000. The cost of the goods sold was $1,000. Which of the following journal entries correctly records this transaction?

Merchandise Inventory $3,000

Sales Revenue $3,000

Accounts Receivable $3,000

Cash $3,000

Cash $3,000

Sales Revenue $3,000

Cost of Goods Sold $1,000

Merchandise Inventory $1,000

Cost of Goods Sold $3,000

Sales Revenue $3,000

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

College Accounting Chapters 1-30

Authors: John Price, M. David Haddock, Michael Farina

15th edition

1259994975, 125999497X, 1259631117, 978-1259631115

More Books

Students also viewed these Accounting questions