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Problem 1: A company that uses the perpetual inventory system sold goods to a customer on account for $2,400. The cost of the goods sold was $1,200. Which of the following journal entries correctly records this? transaction?
a. Cost of Goods Sold. 2400Sales Revenue. 2400
b. Accounts Receivable. 2400Sales Revenue. 2400Cost of Goods Sold. 1200Merchandise Inventory. 1200
c. Merchandise Inventory. 2400Cost of Goods Sold. 2400
d. Accounts Receivable. 2400Cash. 2400Cost of Goods Sold. 1200Merchandise Inventory. 1200
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