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The Corbit Corp B) C)

D)

Question 124

Multiple Choice

The Corbit Corp. sold merchandise for $10,000 cash. The cost of the goods sold was $7,590. The journal entries to record this transaction under the perpetual inventory system would be

A)
$\begin{array}{lr}\text { Cash } & 10,000 \\\quad \text { Inventory } & 10,000\\\text { Cost of Goods Sold } & 7,590 \\\quad \text { Sales } & 7,590\end{array}$
B)
$\begin{array}{lr}\text { Cash } & 10,000 \\\quad \text { Sales } & 10,000\\\text { Cost of Goods Sold } & 7,590 \\\quad \text { Inventory } & 7,590\end{array}$
C)
$The Corbit Corp. sold merchandise for $10,000 cash. The cost of the goods sold was $7,590. The journal entries to record this transaction under the perpetual inventory system would be A) \begin{array}{lr} \text { Cash } & 10,000 \\ \quad \text { Inventory } & 10,000\\\text { Cost of Goods Sold } & 7,590 \\ \quad \text { Sales } & 7,590 \end{array} B) \begin{array}{lr} \text { Cash } & 10,000 \\ \quad \text { Sales } & 10,000\\\text { Cost of Goods Sold } & 7,590 \\ \quad \text { Inventory } & 7,590 \end{array} C) D)$
D)
$The Corbit Corp. sold merchandise for $10,000 cash. The cost of the goods sold was $7,590. The journal entries to record this transaction under the perpetual inventory system would be A) \begin{array}{lr} \text { Cash } & 10,000 \\ \quad \text { Inventory } & 10,000\\\text { Cost of Goods Sold } & 7,590 \\ \quad \text { Sales } & 7,590 \end{array} B) \begin{array}{lr} \text { Cash } & 10,000 \\ \quad \text { Sales } & 10,000\\\text { Cost of Goods Sold } & 7,590 \\ \quad \text { Inventory } & 7,590 \end{array} C) D)$