Mars Hardware Sold 20 Drills for $8 Each $\begin{array}{lrr} \text { Cash } &160\\ \text {Sales } &&160\\\end{array}$

question 78

Short Answer

Mars Hardware sold 20 drills for $8 each. Each drill cost $4. Which journal entry completely records the sale under a perpetual inventory system?
a.
$\begin{array}{lrr} \text { Cash } &160\\ \text {Sales } &&160\\\end{array}$

b.
$\begin{array}{lrr} \text { Cash} &160,\\ \text { Inventory} &&160\\\end{array}$

c.
$\begin{array}{lrr} \text { Cash } &160\\ \text { Cost of Goods Sold} &80\\ \text {Sales } &&160\\ \text { Inventory } &&80\\\end{array}$

d.
$\begin{array}{lrr} \text { Cash } &160\\ \text {Inventory } &&80\\\text {Gain from Sale}&&80\\\end{array}$

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Definitions:

Trait Theory

An approach to personality that focuses on the identification and measurement of specific characteristics or traits that differentiate individuals.

Personality Tests

Assessments designed to measure and profile a person's character, traits, and behaviors, often used in psychology and HR contexts.

Describing Traits

Characteristics or qualities that can be used to differentiate individuals from one another.

Collectivists

Individuals or cultures that prioritize the group’s needs over the needs or desires of each individual.