Forever Jewelers Uses the Perpetual Inventory System $$\begin{array} { | c | r | r | } \hline \text { Sales Revenue } & 5,940 & \\\hline \text { Accounts Receivable } & & 5,940 \\\hline\end{array}$$

question 32

Multiple Choice

Forever Jewelers uses the perpetual inventory system.On April 2,Forever sold merchandise with a cost of $1,500 for $6,000 to a customer on account with terms of 1/15,n/30.Which of the following journal entries correctly records the sales revenue?

• A) \[\begin{array} { | c | r | r | }
• \hline \text { Sales Revenue } & 5,940 & \\
• \hline \text { Accounts Receivable } & & 5,940 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | r | r | }
• \hline \text { Sales Revenue } & 5,940 & \\
• \hline \text { Cost of Goods Sold } & & 5,940 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | r | r | }
• \hline \text { Accounts Receivable } & 1,500 & \\
• \hline \text { Sales Revenue } & & 1,500 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | c | r | r | }
• \hline \text { Accounts Receivable } & 5,940 & \\
• \hline \text { Sales Revenue } & & 5,940 \\
• \hline
• \end{array}\]

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