A Company That Uses the Perpetual Inventory System Sold Goods $$\begin{array} { | c | r | r | } \hline \text { Cost of Goods Sold } & 4,600 & \\\hline \text { Sales Revenue } & & 4,600 \\\hline\end{array}$$

question 80

Multiple Choice

A company that uses the perpetual inventory system sold goods to a customer for cash for $4,600.The cost of the goods sold was $1,000.Which of the following journal entries correctly records this transaction?

• A) \[\begin{array} { | c | r | r | }
• \hline \text { Cost of Goods Sold } & 4,600 & \\
• \hline \text { Sales Revenue } & & 4,600 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | l | r | r | }
• \hline \text { Cash } & 4,600 & \\
• \hline \text { Sales Revenue } & & 4,600 \\
• \hline \text { Cost of Goods Sold } & 1,000 & \\
• \hline \text { Merchandise Inventory } & & 1,000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts Receivable } & 4,600 & \\
• \hline \text { Cash } & & 4,600 \\
• \hline \text { Cost of Goods Sold } & 1,000 & \\
• \hline \text { Merchandise Inventory } & & 1,000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | c | r | r | }
• \hline \text { Merchandise Inventory } & 4,600 & \\
• \hline \text { Sales Revenue } & & 4,600 \\
• \hline
• \end{array}\]

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Definitions:

Sample Mean

The sample mean is the average value in a sample, calculated by adding all the sample values together and dividing by the number of samples, representing the central tendency of the sample.

Binomial Probability

The probability of achieving a specific number of successes in a fixed number of independent trials, where each trial has two possible outcomes.

Normal Curve

A bell-shaped curve depicting the distribution of many types of data; most scores are near the mean, with fewer scores toward the extremes.

Normal Distribution

In this probability distribution, symmetry is observed around the mean, illustrating that nearer data points are more common than distant ones.