Brendan Company sold merchandise worth $1,600 on credit, terms n/15. The merchandise sold had cost $1,100. What is the required journal entry to record the transaction under the perpetual inventory system?
A) Accounts Receivable 1,600 Sales 1,600Cost of Goods Sold 1,100Merchandise Inventory 1,100
B) Sales 1,600 Accounts Receivable 1,600Merchandise Inventory 1,100Cost of Goods Sold 1,100
C) Accounts Receivable 1,600 Merchandise Inventory 1,600Cost of Goods Sold 1,100Merchandise Inventory 1,100
D) Merchandise Inventory 1,600 Sales 1,600Cost of Goods Sold 1,100Merchandise Inventory 1,100
A
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