Using a Perpetual Inventory System,which Journal Entry(ies)is(are)prepared When Two Units

question 51

Multiple Choice

Using a perpetual inventory system,which journal entry(ies) is(are) prepared when two units of merchandise are sold on account?

• A)debit Accounts Receivable and credit Sales Revenue only
• B)debit Cash and credit Sales Revenue;debit Cost of Goods Sold and credit Inventory
• C)debit Accounts Receivable and credit Sales Revenue;debit Cost of Goods Sold and credit Inventory
• D)debit Accounts Receivable and credit Sales Revenue;debit Inventory and credit Cost of Goods Sold

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Definitions:

Shays's Rebellion

A 1786-1787 uprising led by Daniel Shays and other Revolutionary War veterans in western Massachusetts, protesting against high taxes and economic injustices, which highlighted the need for a stronger national government.

National Defense

The protection and defense of a country against foreign threats and aggression, including policies and military actions designed to secure national sovereignty and safety.

Repealed

The act of revoking or withdrawing a law, order, or agreement.

Constitution

The basic rules or longstanding traditions that dictate how a state or another entity is regulated.