A Company That Uses the Perpetual Inventory System Sold $1,000 $$\begin{array} { | c | r | r | } \hline \text { Cost of goods sold } & 1,000 & \\\hline \text { Sales revenue } & & 1,000 \\\hline\end{array}$$

question 100

Multiple Choice

A company that uses the perpetual inventory system sold $1,000 of goods to a customer for cash.Which of the following journal entries correctly records the Sales revenue?

• A) \[\begin{array} { | c | r | r | }
• \hline \text { Cost of goods sold } & 1,000 & \\
• \hline \text { Sales revenue } & & 1,000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | l | r | r | }
• \hline \text { Cash } & 1,000 & \\
• \hline \text { Sales revenue } & & 1,000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts receivable } & 1,000 & \\
• \hline \text { Cash } & & 1,000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Inventory } & 1,000 & \\
• \hline \text { Sales revenue } & & 1,000 \\
• \hline
• \end{array}\]

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Definitions:

Marx And Engels

The founders of Marxist theory, Karl Marx and Friedrich Engels, were thinkers and authors who laid the groundwork for the ideology of communism.

Working Class

A socio-economic group comprising individuals in manual labor occupations or low-skilled workers, often receiving hourly wages.

Agricultural Workers

Individuals engaged in various forms of agricultural labor, including farming, crop cultivation, and livestock management, typically in a rural setting.

Factory Owners

Individuals or entities that own manufacturing facilities where goods are produced through the use of machinery and labor.