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A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise (its cost is $2,400) to a customer on credit terms of 3/10, n/30. Complete the two journal entries (the first for the revenue part of the transaction and the second for the cost part) to record the sales transaction by selecting the account names and dollar amounts from the drop-down menus. Date Account Title Debit Credit April 4 select select select select select select select select select select select select Slide 3

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Answer:

1. Dr Account receivable 5,000

Cr Sales 5,000

2.Cost of goods sold 2,400

Cr Merchandise inventory 2,400

Explanation:

Preparation of the two journal entries

1. The record of the revenue part of the transaction

Since we were told that the seller on April 4, sells $5,000 in merchandise using perpetual inventory system this means we have to record the transaction as :

Dr Account receivable 5,000

Cr Sales 5,000

2.The record of the cost part of the transaction

Since we were told the merchandise cost $2,400 this means we have to record the transaction as:

Cost of goods sold 2,400

Cr Merchandise inventory 2,400

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