Sharpington,Inc B) C) D) E)

question 109

Multiple Choice

Sharpington,Inc.manufactures and sells phone cases.The company sold a shipment of cases costing $5,000 to a customer for $8,000.The customer paid cash.Which of the following is the journal entry that Sharpington would make to record the sale of the shipment of cases?

• A)\(\begin{array}{lll}
• \text { } & \mathrm{Dr.}& \mathrm{Cr.}\\
• \text {Cash } & 8,000 & \\
• \text { Sales } & &3,000 \\
• \quad \text { Merchandise Inventory } & & 5,000\\
• \end{array}\)
• B) \(\begin{array}{lll}
• \text { } & \mathrm{Dr.}& \mathrm{Cr.}\\
• \text { Merchandise Inventory } & 5,000\\
• \text { Sales } & 3,000 \\
• \text {Cash } & &8,000 & \\
• \end{array}\)
• C)\(\begin{array}{lccc}
• \text { } & \mathrm{Dr.}& \mathrm{Cr.}\\
• \text {Cash } & 8,000 & \\
• \text { Net Income } & &3,000 \\
• \quad \text { Merchandise Inventory } & & 5,000\\
• \end{array}\)
• D)\(\begin{array}{lccc}
• \text { } & \mathrm{Dr.}& \mathrm{Cr.}\\
• \text { Cash } & 8,000\\
• \text {Cost of Goods Sold } & 5,000 \\
• \text { Sales } & &8,000 & \\
• \text { Merchandise Inventory } && 5,000\\
• \end{array}\)
• E)\(\begin{array}{lccc}
• \text { } & \mathrm{Dr.}& \mathrm{Cr.}\\
• \text {Sales } & 8,000\\
• \text {Merchandise Inventory } & 5,000 \\
• \text { Cash } & &8,000 & \\
• \text { Cost of Goods Sold } && 5,000\\
• \end{array}\)

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