Question

6. A company that uses the perpetual inventory system sold goods to a customer on Page 1 of 4 account for $4,000. The cost of the goods sold was $2,000. Which of the following journal entries correctly records this transaction? A) 4,000 Cost of Goods Sold Sales Revenue 4,000 B) Merchandise Inventory Cost of Goods Sold 4,000 4,000 C) Accounts Receivable Cash 4,000 4,000 2.000 Cost of Goods Sold Merchandise Inventory 2.000 D) Accounts Receivable Sales Revenue 4,000 4,000 2.000 Cost of Goods Sold Merchandise Inventory Costief Goods Soldventory 2,000 2.000 2,000

Answer 1

Answer:

6.D) Accounts Receivable a/c     Dr.

              To Sales Revenue

      Cost of goods sold a/c          Dr.

              To Merchandise Inventory

7.A.Attaching electronic sensors to Merchandise Inventory

8.A.An outside auditor must evaluate the client's internal controls and report on the internal control as part of the audit report.

9.A) Internal auditors ensure that the employees follow company policies.