in-a-perpetual-inventory-system-what-are-the-two-accounting-entries-made-when-a-

Question

In a perpetual inventory system, what are the two accounting entries made when a sale occurs?

Accepted Answer

One entry for revenue and one entry for cost of goods sold.

Answer

One entry for cost of goods sold and one entry for accounts receivable.

Answer

One entry for cash received and one entry for accounts payable.

Answer

One entry for revenue and one entry for inventory purchase.