Landon Jewelers Uses the Perpetual Inventory System B) $$\begin{array} { | c | r | r | } \hline \text { Sales Revenue } & 1,500 & \\\hline \text { Cost of Goods Sold } & & 1,500 \\\hline\end{array}$$

question 243

Multiple Choice

Landon Jewelers uses the perpetual inventory system.On April 2,Landon sold merchandise with a cost of $1,500 for $7,000 to a customer on account with terms of 1/15,n/30.The journal entry to record the cost of goods sold would be:

• A) \[\begin{array} { | c | r | r | }
• \hline \text { Cost of Goods Sold } & 1,500 & \\
• \hline \text { Accounts Receivable } & & 1,500 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | r | r | }
• \hline \text { Sales Revenue } & 1,500 & \\
• \hline \text { Cost of Goods Sold } & & 1,500 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | r | r | }
• \hline \text { Cost of Goods Sold } & 1,500 & \\
• \hline \text { Merchandise Inventory } & & 1,500 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | c | r | r | }
• \hline \text { Merchandise Inventory } & 1,500 & \\
• \hline \text { Cost of Goods Sold } & & 1,500 \\
• \hline
• \end{array}\]

---

Definitions:

American Bar Association

A voluntary bar association of lawyers and law students not specific to any jurisdiction in the United States, aimed at improving the legal profession and the system of law and justice.

ABA Journal Site

The online platform for the American Bar Association's journal, offering news and analysis on trends, issues, and developments in the law.

Publicly Filed Documents

Documents that are officially recorded and available to the public, often found in government or judicial systems.

Primary Source

Original documents, evidence, or records used in research, offering direct or firsthand evidence about an event, object, person, or work of art.