A Company That Uses the Perpetual Inventory System Sold Goods $$\begin{array} { | c | l | l | } \hline \text { Accounts receivable } & 3300 & \\\hline \text { Cash } & & 3300 \\\hline\end{array}$$

question 48

Multiple Choice

A company that uses the perpetual inventory system sold goods to a customer for cash for $3300.The cost of the sales was $1300.Which of the following journal entries correctly records this transaction?

• A) \[\begin{array} { | c | l | l | }
• \hline \text { Accounts receivable } & 3300 & \\
• \hline \text { Cash } & & 3300 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | l | l | }
• \hline \text { Cash } & 3300 & \\
• \hline \text { Sales revenue } & & 3300 \\
• \hline
• \end{array}\]
• \[\begin{array} { | c | l | l | }
• \hline \text { Cost of sales } & 1300 & \\
• \hline \text { Inventory } & & 1300 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | l | l | }
• \hline \text { Inventory } & 3300 & \\
• \hline \text { Sales revenue } & & 3300 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | c | l | l | }
• \hline \text { Cost of sales } & 3300 & \\
• \hline \text { Sales revenue } & & 3300 \\
• \hline
• \end{array}\]

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Definitions:

Convergent Thinking

A cognitive process involving the focusing of ideas and solutions toward determining a single best solution to a problem.

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Various parts and systems that constitute a vehicle, ranging from the engine and transmission to the brakes and electrical system.

Creative Thinking

The process of thinking in new directions and beyond traditional ideas to find unique solutions or insights.

Creative Team

A group of individuals with varying expertise and innovative thinking, working together to generate unique solutions or products.