A Company That Uses the Perpetual Inventory System Sold Goods $$\begin{array} { | c | r | r | } \hline \text { Cost of Goods Sold } & 500 & \\\hline \text { Sales Revenue } & & 500 \\\hline\end{array}$$

question 50

Multiple Choice

A company that uses the perpetual inventory system sold goods for $2,600 to a customer on account. The company had purchased the inventory for $500. Which of the following journal entries correctly records the cost of goods sold?

• A) \[\begin{array} { | c | r | r | }
• \hline \text { Cost of Goods Sold } & 500 & \\
• \hline \text { Sales Revenue } & & 500 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | r | r | }
• \hline \text { Merchandise Inventory } & 500 & \\
• \hline \text { Cost of Goods Sold } & & 500 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | r | r | }
• \hline \text { Cost of Goods Sold } & 500 & \\
• \hline \text { Merchandise Inventory } & & 500 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | c | r | r | }
• \hline \text { Accounts Receivable } & 500 & \\
• \hline \text { Sales Revenue } & & 500 \\
• \hline
• \end{array}\]

---

Definitions:

Relationship Maintenance

Activities and actions individuals and couples take to preserve and enhance the quality and stability of their interpersonal relationships.

Parenting Behaviors

Actions and practices employed by individuals in their role as parents which influence the physical, emotional, social, and intellectual development of their child.

Sociosexuality

An individual's willingness to engage in sexual activity outside of a committed relationship, reflecting variations in sexual attitudes and behaviors among people.

Laboratory Studies

Research conducted in controlled, indoor environments where variables can be manipulated and measured.