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A Company That Uses the Perpetual Inventory System Sold Goods

question 31

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A company that uses the perpetual inventory system sold goods to a customer for cash for $3,000. The cost of the goods sold was $1,000. Which of the following journal entries correctly records this transaction?


Definitions:

Behaviorism

A theory of learning based on the idea that all behaviors are acquired through conditioning processes, focusing on observable behaviors and disregarding mental activities.

Cognitive School

The cognitive school of thought in psychology focuses on the study of mental processes including perception, memory, judgment, and reasoning.

Humanistic School

A psychological perspective that emphasizes individual potential for growth and the role of unique perceptions in guiding behavior and mental processes.

Joan Of Arc

A French heroine and military leader during the Lancastrian phase of the Hundred Years' War, who was canonized as a Roman Catholic saint.

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