Question: Using a perpetual inventory system, how should a company record the sale of inventory costing $520 for $900 on account? Event Account Title Debit Credit

Using a perpetual inventory system, how should a company record the sale of inventory costing $520 for $900 on account? Event Account Title Debit Credit 1. Inventory 528 Cost of Goods Sold 520 Sales Revenue 06 Accounts Receivable 908 2. Accounts Receivable 68 Sales Revenue 2980 Cost of Goods Sold 526 Inventory 520 3. Inventory 528 Gain 3808 Sales Revenue 908 4. Accounts Receivable 06 Sales Revenues 528 Gain 380

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