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Michelin Jewelers Completed the Following Transactions  Sales revenue 9,000 Accounts receivable 9,000\begin{array} { | l | r | r | } \hline \text { Sales revenue } & 9,000 & \\\hline \text { Accounts receivable } & & 9,000 \\\hline\end{array}

Question 71

Multiple Choice

Michelin Jewelers completed the following transactions.Michelin Jewelers uses the perpetual inventory system.On April 2,Michelin sold $9,000 of merchandise to a customer on account with terms of 3/15,n/30.Michelin's cost of the merchandise sold was $5,500.
-Which of the following journal entries correctly records the Sales revenue?


A)  Sales revenue 9,000 Accounts receivable 9,000\begin{array} { | l | r | r | } \hline \text { Sales revenue } & 9,000 & \\\hline \text { Accounts receivable } & & 9,000 \\\hline\end{array}
B)  Sales revenue 9,000 Cost of goods sold 9,000\begin{array} { | l | r | r | } \hline \text { Sales revenue } & 9,000 & \\\hline \text { Cost of goods sold } & & 9,000 \\\hline\end{array}
C)  Cash 9,000 Sales revenue 9,000\begin{array} { | l | r | r | } \hline \text { Cash } & 9,000 & \\\hline \text { Sales revenue } & & 9,000 \\\hline\end{array}
D)  Accounts receivable 9,000 Sales revenue 9,000\begin{array} { | l | r | r | } \hline \text { Accounts receivable } & 9,000 & \\\hline \text { Sales revenue } & & 9,000 \\\hline\end{array}

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