Michelin Jewelers Uses the Perpetual Inventory System

question 79

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.
-Which of the following journal entries correctly records the sales revenue?

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Definitions:

Expense Allocated

The method by which costs are assigned to different departments, projects, or activities within an organization.

Financial Position

The status of the assets, liabilities, and equity of an organization at a given point in time, as reflected in its financial statements.

Snapshot

A brief or quick view or summary of something, or an instant or quick capture of information at a particular moment.

Data Integrity Policies

Guidelines and practices aimed at ensuring the accuracy, completeness, and reliability of data throughout its lifecycle.