Landon Jeweliens with a cont of $2.50 for $7,000 to a customer on account with b

Question

Landon Jeweliens with a cont of $2.50 for $7,000 to a customer on account with berms of 3/15, n/30. The journal entryto tered the cost of podsscidwouldbe uses the perpetual inventory system On Apeil 2 Landon sold merchandise A) Cost of Goods Soid B) Cost of Goods Sold C) Cost oé Goods Sold D) Cost of Goods Sold Under the perpetual inventory system, the joumal entry to record the freight paid by the seller on goods sold is A) Mendhandise Inventory Cash B) Cost of Goods Sold Cash C) Freight Out Sales Revenue D) Cash The Sales Discounts Forfeited account A) is a contra Sales Revenue account B) represents additional sales revenue C) is a balance sheet account D) represents the discount lost when a customer does not pay within the discount period

Explanation / Answer

Ans)

1) Option (B)

Cost of goods sold 2500

Merchandise inventory 2500

2) Option (D)

Delivery expenses

Cash

3) Option (B) Represents additional sales revenue

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