Question

Check all that apply. Under the perpetual inventory method, when a sales occurs, what accounts are included in the transaction:

costs of goods sold

sales

inventory

accounts receivable

accounts payable

Answer 1

Ans.	Sales and accounts receivable
	Explanations: Under the perpetual inventory method, sales is recorded by preparing
	the following journal entry:
	General Journal	Debit	Credit
	Accounts receivable	XXX
	Sales		XXX
	(Total sales recorded)
	*So the options 2nd and 4th will be the correct choices.

*Cost of goods sold and inventory accounts are used to record the cost of merchandise sold.

*Accounts payable is used to record purchase transaction.