Question

On December 1, Apex Company sold merchandise in the amount of 55,800 to Atlas with credit terms of 2/10, 0. The cost of the items sold is $4,000. Apex uses the perpetu fory system. The journal entry or entries that Apex Company will make on December 5,800 A Sales 5,800 Accounts receivable B. Cash 5,800 Accounts receivable 5,800 Cost of goods sold 4,000 Merchandise Inventory 4,000 C. Accounts receivable 5,800 Sales 5,800 D. Accounts receivable 5,800 Sales 5,800 Cost of goods sold 4,000 Merchandise inventory 4,000 Accounts receivable 4,000 Sales 4,000

Answer 1

SOLUTION:
	Entry is posted as below,
Journal Entries
Date	Account Title and explanation	Debit	Credit
December , 01	Account Receivable	$                     5,800
	Sales		$                       5,800
	Cost of Goods Sold	$                     4,000
	Merchandise Inventory		$                       4,000
	ANSWER = OPTION D