Forever Jewelers Uses the Gross Method and a Perpetual Inventory

question 198

Multiple Choice

Forever Jewelers uses the gross method and a perpetual inventory system.On April 2,Forever sold merchandise with a cost of $1,400 for $5,400 to a customer on account with terms of 1/15,n/30.Which of the following journal entries correctly records the sales revenue?

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Definitions:

Beliefs

Convictions or acceptances that something exists or is true, especially without proof.

Fear

An emotional response to a perceived threat, which triggers a physiological reaction aimed at avoiding or confronting the danger.

Predict

To declare or indicate a future event or outcome based on observation, experience, or scientific reasoning.

Unconditional Positive Regard

A term in psychology that expresses accepting and supporting a person regardless of what they say or do, especially used in client-centered therapy.