A company that uses the perpetual inventory system sold goods to a customer for cash for $3,000.The cost of the goods sold was $1,000.Which of the following journal entries correctly records this transaction?

Question

Quizplus · Accepted Answer

The correct journal entry for the transaction is to debit cash for $3,000 and credit inventory for $1,000 and revenue for $2,000. 
Option B correctly records this transaction. 
Option A only records the cash portion of the transaction. 
Option C debits inventory for the full cost of the goods sold and does not credit revenue. 
Option D records an unrelated transaction.

A Company That Uses the Perpetual Inventory System Sold Goods