Forever Jewelers uses the perpetual inventory system. On April​ 2, Forever sold merchandise with a cost of $3,500 for $7,000 to a customer on account with terms of 4​/15, ​n/30. Which of the following journal entries correctly records the sales​ revenue?         A. Sales Revenue 6,720           Accounts Receivable   6,720   B. Accounts Receivable 6,720           Sales Revenue   6,720   C. Accounts Receivable 3,500           Sales Revenue   3,500   D. Sales Revenue 6,720           Cost of Goods Sold

College Accounting (Book Only): A Career Approach
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Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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Forever Jewelers uses the perpetual inventory system. On April​ 2, Forever sold merchandise with a cost of $3,500 for $7,000 to a customer on account with terms of 4​/15, ​n/30. Which of the following journal entries correctly records the sales​ revenue?
 
 
 
 
A.
Sales Revenue
6,720
 
        Accounts Receivable
 
6,720
 
B.
Accounts Receivable
6,720
 
        Sales Revenue
 
6,720
 
C.
Accounts Receivable
3,500
 
        Sales Revenue
 
3,500
 
D.
Sales Revenue
6,720
 
        Cost of Goods Sold
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