Michelin Jewelers completed the following transactions. Michelin Jewelers uses the perpetual inventory system. On April 2, Michelin sold $9,000 of merchandise to a customer on account with terms of 3/15, n/30. Michelin's cost of the merchandise sold was $5,500. Which of the following journal entries correctly records the Sales revenue? A company's ledger shows an Inventory balance of $20,000 and a physical count of the inventory shows $19,000 Which of the following entries is needed to record the shrinkage? A company's net sales revenues are $1,000,000. Its cost of goods sold is $400,000. Which of the following is its gross profit percentage? 167% 60% 250% 40%