Question

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

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

Business   Accounting   
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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.

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