On September 1, 2016, Pitform Corporation enters into an agreement with Balen Corp to sell it $40,000 of goods. Pitform will deliver the goods Septemer 30, 2017. Paymen is due upon acceptance. Acceptance is determined by both Pitform and Balen to be September 30, 2017. Pitform produces the goods for a cost of $20,000. What are the September Journals booked by Pitform for this transaction?

On September 1, 2016, Pitform Corporation enters into an agreement with Balen Corp to sell it $40,000 of goods. Pitform will deliver the goods Septemer 30, 2017. Payment is due upon acceptance. Acceptance is determined by both Pitform and Balen to be September 30, 2017. Pitform produces the goods for a cost of $20,000. What are the September journals booked by Pitform for this transaction? 9/1/16 Debit Accounts Receivable 540,000 Credit Sales Revenue $40,000 O 9/1/16 Debit Accounts Receivable $40,000 Credit Sales Revenue $40,000 O 9/30/16 Debit Accounts Receivable $40,000 Credit Sales Revenue $40,000 09/30/16 Debit Accounts Receivable $40,000 Credit Sales Revenue $40,000 9/1/16 Debit Cost of goods sold $20,000 Credit Inventory $20,000 9/30/16 Debit Cost of goods sold $20,000 Credit Inventory $20,000 9/30/16 Debit Cost of goods sold $20,000 Credit Inventory $20,000 9/1/16 Debit Cost of goods sold $20,000 Credit Inventory $20,000