Ace Bonding Company Purchased Inventory on Account $\quad 2,000$ Accounts Payable $\quad 2,000$

Ace Bonding Company purchased inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. How should Ace record the purchase using a perpetual inventory system?

A) Inventory $\quad 2,000$
Accounts Payable $\quad 2,000$

B) $\begin{array} { l l } \text { Cost of Goods Sold } & 2,000 \end{array}$
Unearned Revenue $\quad 1,000$
Sales Revenue $\quad 3,000$
C) Cost of Goods Sold $\quad 2,000$
Accounts Payable $\quad 2,000$
D) Cost of Goods Sold $\quad 2,000$
Gain $\quad 1,000$
Accounts Payable $\quad 3,000$