Sharpington,Inc B) C) D) E)

Sharpington,Inc.manufactures and sells phone cases.The company sold a shipment of cases costing $5,000 to a customer for $8,000.The customer paid cash.Which of the following is the journal entry that Sharpington would make to record the sale of the shipment of cases?

A) $\begin{array}{lll}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\\text {Cash } & 8,000 & \\\text { Sales } & &3,000 \\\quad \text { Merchandise Inventory } & & 5,000\\\end{array}$

B) $\begin{array}{lll}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\ \text { Merchandise Inventory } & 5,000\\\text { Sales } & 3,000 \\\text {Cash } & &8,000 & \\\end{array}$

C) $\begin{array}{lccc}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\\text {Cash } & 8,000 & \\\text { Net Income } & &3,000 \\\quad \text { Merchandise Inventory } & & 5,000\\\end{array}$

D) $\begin{array}{lccc}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\ \text { Cash } & 8,000\\\text {Cost of Goods Sold } & 5,000 \\\text { Sales } & &8,000 & \\ \text { Merchandise Inventory } && 5,000\\\end{array}$

E) $\begin{array}{lccc}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\ \text {Sales } & 8,000\\\text {Merchandise Inventory } & 5,000 \\\text { Cash } & &8,000 & \\ \text { Cost of Goods Sold } && 5,000\\\end{array}$