Robles Co. sells $1,071 of inventory to Salas Co.for cash. Robles paid $666 for

Question

Robles Co. sells $1,071 of inventory to Salas Co.for cash. Robles paid $666 for the merchandise. Under a perpetual inventory system, the following journal entry(ies) would be recorded. Select the correct answer. a. Cash $1,071 Dr, Sales $1,071 Cr, Cost of Merchandise Sold $666 Dr, Merchandise Inventory $666 Cr b. Accounts Receivable $1,071 Dr, Sales $1,071 Cr, Cost of Merchandise Sold $666 Dr, Merchandise Inventory $666 Cr c. Cash $1,071 Dr, Sales $1,071 Cr d. Cash $1,071 Dr, Merchandise Inventory $666 Cr

Explanation / Answer

a. Cash $1,071 Dr, Sales $1,071 Cr, Cost of Merchandise Sold $666 Dr, Merchandise Inventory $666 Cr

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