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) Using a perpetual inventory system, how should a company record the sale of inventory costing $620 for $960 on account? 1. Inventory.             620              Cost of goods sold.           620      Sales revenue.    960              Accounts receivable.        960   2. Accounts receivable.    960             Sales revenue.                    960     Cost of goods sold.       620             Inventory.                             620   3. Inventory.                       620      Gain.                              340            Sales revenue.                   960   4. Accounts Receivable.   960              Sales revenue.                    620              Gain.                                    340

) Using a perpetual inventory system, how should a company record the sale of inventory costing $620 for $960 on account? 1. Inventory.             620              Cost of goods sold.           620      Sales revenue.    960              Accounts receivable.        960   2. Accounts receivable.    960             Sales revenue.                    960     Cost of goods sold.       620             Inventory.                             620   3. Inventory.                       620      Gain.                              340            Sales revenue.                   960   4. Accounts Receivable.   960              Sales revenue.                    620              Gain.                                    340

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 13MC: Which of the following accounts are used when recording the sales entry of a sale on credit? A....
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1) Using a perpetual inventory system, how should a company record the sale of inventory costing $620 for $960 on account?

1. Inventory.             620

             Cost of goods sold.           620

     Sales revenue.    960

             Accounts receivable.        960

 

2. Accounts receivable.    960

            Sales revenue.                    960

    Cost of goods sold.       620

            Inventory.                             620

 

3. Inventory.                       620

     Gain.                              340

           Sales revenue.                   960

 

4. Accounts Receivable.   960

             Sales revenue.                    620

             Gain.                                    340

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