Michelin Jewellers Completed the Following Transactions $$\begin{array} { | l | r | r | } \hline \text { Inventory } & 5000 & \\\hline \text { Cost of sales } & & 5000 \\\hline\end{array}$$

question 3

Multiple Choice

Michelin Jewellers completed the following transactions.Michelin Jewellers uses the perpetual inventory system.On 2 April,Michelin sold $9 900 of inventory,including GST,to a customer on credit with terms of 3/15,n/30.Michelin's cost of the inventory sold was $5 000,net of GST.Which of the following journal entries correctly records the Cost of sales?

• A) \[\begin{array} { | l | r | r | }
• \hline \text { Inventory } & 5000 & \\
• \hline \text { Cost of sales } & & 5000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | l | r | r | }
• \hline \text { Sales revenue } & 5000 & \\
• \hline \text { Cost of sales } & & 5000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | r | r | }
• \hline \text { Cost of sales } & 5000 & \\
• \hline \text { Accounts receivable } & & 5000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Cost of sales } & 5000 & \\
• \hline \text { Inventory } & & 5000 \\
• \hline
• \end{array}\]

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Expected Earnings Growth

The projected increase in earnings per share (EPS) over a specific period, often used by investors to gauge company performance.

LaPorta's Study

A series of influential research studies focusing on corporate governance, law, and finance across countries, often emphasizing the role of legal systems in financial development.

Earnings Announcements

Official public statements by companies about their financial performance for a specific period, which can affect their stock prices.