A Company That Uses the Perpetual Inventory System Sold Goods

question 71

Multiple Choice

A company that uses the perpetual inventory system sold goods to a customer for cash for $4,200.The cost of the goods sold was $1,000.Which of the following journal entries correctly records this transaction?

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Definitions:

Avoidant

Relating to or indicative of a personality trait or behavior characterized by a tendency to withdraw from or avoid emotional intimacy.

Secure

Characterized by safety or the state of being free from danger or threat, often used in the context of cyber security or emotional stability.

Psychosocial Development

A theory that proposes that an individual’s psychological development occurs in a series of predetermined stages, emphasizing the effects of social relationships on psychological development.

Generativity

A concern for establishing and guiding the next generation, usually observed in middle adulthood.