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15 July, 13:28

Which statement is true when recording the sale of goods for cash in a perpetual inventory system?

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  1. 15 July, 15:16
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    1. To record the purchase of inventory on account and the payment of freight charges.

    Inventory 4,000

    Accounts payable 4,000

    Inventory 300

    Cash 300

    2. To record purchase returns.

    Accounts payable 600

    Inventory 600

    3. To record cash sales and cost of goods sold.

    Cash 5,000

    Sales revenue 5,000

    Cost of goods sold 2,800

    Inventory 2,800

    Exercise 8-2

    1. To record the purchase of inventory on account and the payment of freight charges.

    Purchases 4,000

    Accounts payable 4,000

    Freight-in 300

    Cash 300

    2. To record purchase returns.

    Accounts payable 600

    Purchase returns 600

    3. To record cash sales.

    Cash 5,000

    Sales revenue 5,000
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