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 was $4,000 and the perpetual inventory system is used, the journal entry on Jan. 3, to record the sale, would be: DEBIT CREDITA)Sales 15,000 Accounts Receivable/J.Hines 15,000 B)Accounts Receivable/J.Hines 15,000 Sales 15,000 Cost of Goods Sold 4,000 Merchandise Inventory 4,000 C)Accounts Payable/J.Hines 15,000 Sales 15,000 Merchandise Inventory 4,000 Cost of Goods Sold 4,000 D)Accounts Receivable/J.Hines 15,000 Sales 11,000 Cost of Goods Sold 4,000
A. Option A.
B. Option B.
C. Option C.
D. Option D.
Answer: B
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