MultiMet Corporation sold merchandise for $4,450 to Simpsons,Inc.on account.The cost of goods sold was $1,185.MultiMet uses a perpetual inventory system and special journals.The $4,450 is recorded as ________.
A)an entry in the general journal
B)Accounts Receivable DR,Sales Revenue CR column of the sales journal
C)Merchandise Inventory DR column of the purchases journal
D)Accounts Receivable CR column of cash receipts journal

Question

Quizplus · Accepted Answer

Since MultiMet uses a perpetual inventory system and special journals, the sale of merchandise will be recorded in the Sales Journal. Specifically, it will be recorded in the Accounts Receivable DR and Sales Revenue CR columns of the Sales Journal. Therefore, the correct answer is B.

MultiMet Corporation Sold Merchandise for $4,450 to Simpsons,Inc