12 fof 20) 12. 1000 ponts TB 0642 A retailer sells plasma TVs at a selling price

Question

12 fof 20) 12. 1000 ponts TB 0642 A retailer sells plasma TVs at a selling price of … A retaler sells plasma TVs at a selling price of $5,000 each. The total sale on account is for $20,000 Under a perpetual Inventory system the journal entries to record the sale will Include: O $20.000 will be credited to Inventory and $20,000 will be credited to sales revenue. s20,000 will be debted to inventory and $20,000 will be credited to Accounts Payable O $20,000 will be deblted to costs of goods sold and $20,000 wll be credted to Accounts recevable. S20.000 will be debited to Costs of goods sold and $20,000 will be credited to Inventory selling price of Type here to search

Explanation / Answer

Answer is D

Under a perpetual inventory system the journal entries to record the sale will include:

General Journal Debit Credit Costs of goods sold $20,000 Inventory $20,000

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