A company sells goods at a selling price of $20,000.The cost of the goods is $15,000.Under a perpetual inventory system the journal entries to record the sale will include:
A) $15,000 will be debited to Inventory and $15,000 will be credited to Sales.
B) $15,000 will be debited to Cost of goods sold and $15,000 will be credited to Inventory.
C) $15,000 will be credited to Inventory and $15,000 will be credited to Sales.
D) $15,000 will be debited to Cost of goods sold and $15,000 will be credited to Sales.
Correct Answer:
Verified
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