Michelin Jewelers Uses the Perpetual Inventory System

question 76

Multiple Choice

Michelin Jewelers uses the perpetual inventory system. On April 2, Michelin sold merchandise with a cost of $5,500 for $9,000 to a customer on account with terms of 3/15, n/30. The journal entry to record the cost of goods sold would be:

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Definitions:

Wine

An alcoholic beverage made from fermented grapes or other fruits, varying greatly in taste, strength, and color.

Pregnant

The state of carrying a developing fetus within the female body.

Baby

A very young child, especially one newly or recently born.

Teratogens

Agents or factors that cause malformation of an embryo or fetus, including certain drugs, chemicals, and infectious diseases.