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Forever Jewelers Uses the Perpetual Inventory System  Sales Revenue 5,940 Accounts Receivable 5,940\begin{array} { | c | r | r | } \hline \text { Sales Revenue } & 5,940 & \\\hline \text { Accounts Receivable } & & 5,940 \\\hline\end{array}

Question 117

Multiple Choice

Forever Jewelers uses the perpetual inventory system.On April 2,Forever sold merchandise with a cost of $1,500 for $6,000 to a customer on account with terms of 1/15,n/30.Which of the following journal entries correctly records the sales revenue?


A)  Sales Revenue 5,940 Accounts Receivable 5,940\begin{array} { | c | r | r | } \hline \text { Sales Revenue } & 5,940 & \\\hline \text { Accounts Receivable } & & 5,940 \\\hline\end{array}
B)  Sales Revenue 5,940 Cost of Goods Sold 5,940\begin{array} { | c | r | r | } \hline \text { Sales Revenue } & 5,940 & \\\hline \text { Cost of Goods Sold } & & 5,940 \\\hline\end{array}
C)  Accounts Receivable 1,500 Sales Revenue 1,500\begin{array} { | c | r | r | } \hline \text { Accounts Receivable } & 1,500 & \\\hline \text { Sales Revenue } & & 1,500 \\\hline\end{array}
D)  Accounts Receivable 5,940 Sales Revenue 5,940\begin{array} { | c | r | r | } \hline \text { Accounts Receivable } & 5,940 & \\\hline \text { Sales Revenue } & & 5,940 \\\hline\end{array}

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