T 3 # 9

Using a perpetual inventory system, which journal entry(ies) is(are) prepared when two units of merchandise are sold on account? A. debit Accounts Receivable and credit Sales Revenue; debit Cost of Goods Sold and credit Inventory B. debit Cash and credit Sales Revenue; debit Cost of Goods Sold and credit Inventory C. debit Accounts Receivable and credit Sales Revenue only D. debit Accounts Receivable and credit Sales Revenue; debit Inventory and credit Cost of Goods Sold