Using a Perpetual Inventory System,which Journal Entry(ies)is(are)prepared When Two Units

question 51

Multiple Choice

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 only
• B)debit Cash and credit Sales Revenue;debit Cost of Goods Sold and credit Inventory
• C)debit Accounts Receivable and credit Sales Revenue;debit Cost of Goods Sold and credit Inventory
• D)debit Accounts Receivable and credit Sales Revenue;debit Inventory and credit Cost of Goods Sold

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Definitions:

Situations

Sets of conditions or circumstances at a certain time and place.

Interactions

The processes or actions taken wherein two or more entities or variables affect or influence each other.

Concepts

Broad and general ideas that are fundamental building blocks of theories or models used to classify and organize specific observations.

Patterns

Regularities or trends in data indicating a repeatable sequence or relationship among variables.