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Problem 1: A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $8,000 and paid $850 for the freight-in. The company sold the whole lot to a supermarket chain for $12,000 on account. Which of the following entries correctly records the sale?
a. Merchandise Inventory. 12,000Cost of Goods Sold. 12000
b. Cost of Goods Sold. 12000Sales revenue. 12000
c. Accounts Receivable. 12000Sales Revenue. 12000Cost of Goods Sold. 8000Merchandise Inventory. 8000
d. Accounts Receivable. 12000Sales Revenue. 12000Cost of Goods Sold. 8850Merchandise Inventory. 8850
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