Feathertouch Company Sold Merchandize Worth $800 on Credit,terms N/15 B)

question 94

Multiple Choice

Feathertouch Company sold merchandize worth $800 on credit,terms n/15.The merchandize sold had cost $550.What is the required journal entry to record the transaction under the perpetual inventory system?

• A)
• \(\begin{array}{l}
• \text { Accounts Receivables } &800 \\
• \text { Sales }&&800\\\\
• \text { Cost of Goods Sold }&550\\
• \text { Merchandize Inventory }&&550
• \end{array}\)
• B)
• \(\begin{array}{l}
• \text { Sales } &800 \\
• \text { Accounts Receivables }&&800\\\\
• \text { Merchandize Inventory }&550\\
• \text { Cost of Goods Sold }&&550
• \end{array}\)
• C)
• \(\begin{array}{l}
• \text { Accounts Receivables } &800 \\
• \text {Merchandize Inventory }&&800\\\\
• \text {Cost of Goods Sold }&250\\
• \text { Merchandize Inventory }&&250
• \end{array}\)
• D)
• \(\begin{array}{lll}
• \text { Merchandize Inventory }&800 \\
• \quad \text { Sales }&&800\\\\
• \text { Cost of Goods Sold }&550\\
• \text { Merchandize Inventory }&& 550
• \end{array}\)

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