Question

A company that uses the perpetual inventory system sold goods to a customer on account for $ 2,100. The cost of the goods sold was $ 1,050. Which of the following journal entries correctly records this​ transaction? A) Cost of Goods Sold $2,100 Sales Revenue $2,100B) Merchandise Inventory $2,100 Sales Revenue $2,100C) Accounts Receivable $2,100 Cash $2,100D) Cash $2,100 Sales Revenue $2,100 Cost of Goods Sold $1,050 Merchandise Inventory $1,050

Answer 1

Answer:

Journal Entry

Explanation:

The Journal entry is shown below:-

1. Accounts receivable Dr,            $2,100

       To Sales                                             $2,100

(Being sales made on account is recorded)

2. Cost of Goods Sold Dr,   $ 1,050

To Merchandise Inventory                        $1,050

(Being cost of goods sold is recorded)

Therefore option is not available.