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
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
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
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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Question
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?
Sales Revenue
|
6,720
|
|
|
6,720
|
Accounts Receivable
|
6,720
|
|
Sales Revenue
|
6,720
|
Accounts Receivable
|
3,500
|
|
Sales Revenue
|
3,500
|
Sales Revenue
|
6,720
|
|
Cost of Goods Sold
|
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