Question

Which statement is true when recording the sale of goods for cash in a perpetual inventory system?

Answer 1

1.​To record the purchase of inventory on account and the payment of freight ​charges.

Inventory​4,000
​Accounts payable​4,000

Inventory​300
​Cash​300

2. ​To record purchase returns.

Accounts payable​600
​Inventory​600

3. ​To record cash sales and cost of goods sold.

Cash​5,000
​Sales revenue​5,000

Cost of goods sold​2,800
​Inventory​2,800
Exercise 8-2
1. ​To record the purchase of inventory on account and the payment of freight ​charges.

Purchases​4,000
​Accounts payable​4,000

Freight-in​300
​Cash​300

2. ​To record purchase returns.

Accounts payable​600
​Purchase returns​600

3. ​To record cash sales.

Cash​5,000
​Sales revenue​5,000