Question
Forever Jewelers uses the perpetual inventory system. On April 2, Forever sold merchandise with a cost of $1500 for $6000 to a customer on account
Forever Jewelers uses the perpetual inventory system. On April 2, Forever sold merchandise with a cost of $1500 for $6000 to a customer on account with terms of 1/15, n/30. Which of the following journal entries correctly records the sales revenue?
Sales Revenue 5940 Accounts Receivable 5940
Sales Revenue 5940 Cost of Goods Sold 5940
Accounts Receivable 1500 Sales Revenue 1500
Accounts Receivable 5940 Sales Revenue 5940
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International Accounting
Authors: Frederick D. S. Choi, Gary K. Meek
7th Edition
0136111475, 9780136111474
