On Jan, 3. Gourmet Cakes sold $15,000 of merchandise on account with terms 2/10 n/30, to Jerry Hines.

Assuming that the original cost of the merchandise to Gourmet. Cakes were $4,000 and the perpetual inventory system is used, the journal entry on Jan 3, to record the sale, would be

No.		Debit	Credit
A	Sales	15,000
	Accounts receivable		15,000
B	Accounts receivable	15,000
	Sales		15,000
	Cost of goods sold	4,000
	Merchandise inventory		4,000
C	Accounts Payable	15,000
	Sales		15,000
	Merchandise Inventory	4,000
	Cost of goods sold		4,000
D	Accounts receivable	15,000
	Sales		11,000
	Cost of goods sold		4,000

Answer rating: 100% (QA)

Option B will be correct N... View the full answer