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 prepared to record the credit sale will include one with a debit to:

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When a perpetual inventory system is in use,the entries to record the sale when the perpetual inventory system.first,a debit to Accounts Receivable and a credit to Sales Revenue for $20,000,the selling price,and,second,a debit to Cost of Goods Sold and a credit to Inventory for $15,000,the cost of the inventory that was sold.

A Company Sells Goods at a Selling Price of $20,000