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Landon Jewelers uses the perpetual inventory system. On April2, Landon sold merchandise with a cost of $2,500 for $10,000 to a customer on account with

Landon Jewelers uses the perpetual inventory system. On April2, Landon sold merchandise with a cost of $2,500 for $10,000 to a customer on account with terms of 3/15, n/30. The journal entry to record the cost of goods sold wouldbe:

Merchandise Inventory 2,500

Cost of Goods Sold 2,500

Cost of Goods Sold 2,500

Accounts Receivable 2,500

Cost of Goods Sold 2,500

Merchandise Inventory 2,500

Sales Revenue 2,500

Cost of Goods Sold 2,500

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