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5 January, 22:54

A company that uses the perpetual inventory system sold goods to a customer on account for $ 2,100. The cost of the goods sold was $ 1,050. Which of the following journal entries correctly records this transaction? A) Cost of Goods Sold $2,100 Sales Revenue $2,100B) Merchandise Inventory $2,100 Sales Revenue $2,100C) Accounts Receivable $2,100 Cash $2,100D) Cash $2,100 Sales Revenue $2,100 Cost of Goods Sold $1,050 Merchandise Inventory $1,050

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  1. 6 January, 00:15
    0
    Journal Entry

    Explanation:

    The Journal entry is shown below:-

    1. Accounts receivable Dr, $2,100

    To Sales $2,100

    (Being sales made on account is recorded)

    2. Cost of Goods Sold Dr, $ 1,050

    To Merchandise Inventory $1,050

    (Being cost of goods sold is recorded)

    Therefore option is not available.
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