A Company That Uses the Perpetual Inventory System Sold Goods

question 39

Multiple Choice

A company that uses the perpetual inventory system sold goods to a customer for cash for $3,000.The cost of the goods sold was $600.Which of the following journal entries correctly records this transaction?

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Definitions:

Corporate-Owned Locations

Stores or facilities that are directly owned and operated by the parent company, as opposed to being franchised.

Entrepreneurial Thinking

A mindset that embraces innovation, risk-taking, and the creation of new value or ventures through business strategies.

Effectuation Theory

An entrepreneurial approach to taking quick action using resources you have available to get early traction on new ideas.

Social Entrepreneur

An individual who pursues novel applications that have the potential to solve community-based problems with an emphasis on social change.