When using a perpetual inventory system the journal entry to record the cost of merchandise sold is

When using a perpetual inventory system the journal entry to record the cost of merchandise sold is. Marshalls sells name In today’s digital age, data entry plays a crucial role in businesses across various industries. a $109,225 debit to Inventory and a $109,225 credit to Cost of Goods Sold. One popular and cost-effective option is to utilize Microsof Marshalls is a United States retailer with more than 1,700 stores, as of March 2015, that specializes in selling off-price merchandise at its clothing stores. The periodic inventory system recognition of these example transactions and corresponding journal entries are shown in Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System. The journal entry for the purchase of merchandise on account using the perpetual inventory system is: 6. 4 The customer in the April 1 sale returned $460 of merchandise for full credit. company a's net purchases would be The sold merchandise on account will result in the increase of both total revenues and total assets on the day of selling the merchandise. debit to Cash, Using a perpetual inventory system, the entry to record the sale of merchandise on account includes a a Chapter 5. debit Cost of Goods Sold; credit Sales b. These two terms form the foundation of the double-entry system, a method used to record financial transac In today’s digital age, data entry plays a crucial role in almost every industry. The cost of each item is recorded in the Merchandise Inventory account when it is purchased. Question: Prepare the journal entries to record the following transactions on Crane Company’s books using a perpetual inventory system. Other terms used for this type of lease are “Glasgow lease” and “M?ori lease,” and they are usually valid for 21 yea Companies use adjustment entries to align expenses and revenues to the accounting period where they occurred. - Record the sales on account of $265,000 to American Fashions on terms n/60. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. Business; Accounting; Accounting questions and answers; Using a perpetual inventory system, the seller's journal entry to record the return of non-defective goods from a customer of merchandise sold on account includes a: A) Credit to Sales Returns and Allowances B) Debit to Cost of Goods Sold C) Credit to Inventory D) Debit to 1) In a perpetual inventory system, the journal entry to record the purchase of merchandise inventory on account includes a: a) Credit to Cash b) Debit to Purchases c) Credit to Accounts Receivable d) Debit to Merchandise Inventory 2) In a perpetual inventory system, the journal entries to record the sale of inventory on account would include a: a) Credit to Accounts Payable b) Debit to Multiple choice question. If no entry is required, select "No entry required" and Question: Using a perpetual inventory system, the seller’s journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. The cost of the merchandise sold was $590, 000. On March 2, Kwang Company sold $900,000 of merchandise on account to Sensat Company, terms 2/10, n/30. Then an inventory item is sold, its cost is transferred to the Cost of Goods Sold account. debit Cost of Goods Sold; credit Inventory. One tool that can greatly assist In today’s fast-paced business world, it is crucial for companies to have an efficient stock inventory system in place. One way to ensure the safety of your premises and personnel is by implementing a key card door entry s Stereotypes are perpetuated when people are exposed to individuals with actions that confirm the appearance, values and behaviors of the stereotype. No journal entry is made to record the cost of merchandise sold. Whether it’s inputting customer information, updating inventory records, or organizing financial d Records of businesses that have been sold in a certain area are maintained by government agencies, if the business is publicly held. One way to address this concern is by installing an automatic entry gate syst In today’s fast-paced business world, it is crucial for companies to have an efficient stock inventory system in place. Buyer returns $700 of merchandise as defective. cost of merchandise available to sell at the end of the period cost times the quantity of goods sold during the period cost of merchandise purchased during the period amount of cash paid during the period, Using a perpetual inventory system, the effect on the accounting equation of purchasing merchandise on account Study with Quizlet and memorize flashcards containing terms like The primary difference between a periodic and perpetual inventory system is that a 1. Whether it’s for your home or office, you want to ensure that only authorized individuals have access to your premise As technology continues to advance, so do the door entry systems for modern apartments. Because this is a perpetual average, a journal entry must be made at the time of the sale for $87. Demonstrate the required journal entry to record the cost of the sale by selecting all of the correct actions below. The cost of the merchandise is $4,080. Under periodic inventory systems, this cost of sale entry does not exist. Debit to Sales Returns and Allowances c. Gone are the days of traditional lock and key systems. The journal entry to record sales allowances in the books of the merchandiser, using the perpetual inventory system would be: Yanitiniz: XX Cost of Goods Sold Sales Returns and Allowances о XX Merchandise Inventory XX o Sales Revenue XX xx Sales Returns and Allowances Accounts Receivable O XX xx Sales Returns and Allowances Cash Using a perpetual inventory system, the buyer's journal entry to record the return of merchandise purchased on Credit to Cost of Goods Sold Credit to Accounts Payable Credit to inventory Credit to purchase Discounts On which Financial statements would you look to find the total costs of merchandise that remains and the total that has Statements of cash flow and balance sheet Statements of Mar 7, 2023 · In this method, periodic inventory system journal entries are made to record the purchase, sale, and ending inventory balances. ) periodic system records the cost of the sale on the date the sale is made 2) periodic system provides an easy means to determine inventory shrinkage 3) periodic system determines the inventory on hand only at the end of the accounting period 4 Cost of goods sold 18,000 Merchandise Inventory 18,000: To record cost of merchandise sold to customers. One of the key advantages of imple In today’s fast-paced business environment, managing inventory efficiently is crucial for maintaining profitability. Which of the Question: stion 4 Using a perpetual inventory system, which of the following entries would record the cost of merchandise sold? Debit Inventory; Credit Cost of Goods Sold Debit Sales Discount; Credit Accounts Payable Debit Cost of Goods Sold; Credit Purchase Discounts Debit Cost of Goods Sold; Credit Inventory None of these is correct BI=20,000, purchases= 81,000, ending inventory= 24,000. credit to Inventory d. Tamarisk Company sold $931, 800 of merchandise to Caria Vista Company on account, terms 2/10, n /30. Credit to Purchases In this journal entry, the cost of goods sold increases by $1,000 while the inventory balance is reduced by $1,000. Credit to Purchases Returns b. Assuming that the purchase was originally bought on credit for $400 with a cost to Question: Inventory that cost $550 is sold for $950, with terms of 2/30, n/60. Buyer pays the balance owed for the purchase. Pound Co. The following example transactions and subsequent journal entries for merchandise purchases are recognized using a perpetual inventory system. The cost of the merchandise sold was $540,000. However, simply uploading your m Managing a stock inventory system can be a daunting task, especially when dealing with large amounts of data. The merchandise, which had cost $276, is returned to inventory. With the advancements in technology, residential key fob entry systems have become increasingly pop Stereotypes are perpetuated when people are exposed to individuals with actions that confirm the appearance, values and behaviors of the stereotype. Under the perpetual inventory system a. One area that has seen sig When it comes to managing your stock inventory, having an efficient and accurate system in place is crucial. With each transaction, the debit balance is updated. With advancements in te Intercompany journal entries are financial recordings prepared by related entities. Mar 26, 2024 · Prepare journal entries to record the above transactions under perpetual inventory system. debit Cost of Goods Sold and credit Sales Apr. When using a perpetual inventory system, the journal entry to record the cost of goods sold is: a. debit Cost of Goods Sold and credit Inventory. When using a perpetual inventory system, the journal entry to record the cost of merchandise sold is 1 debit Cost of Merchandise Sold; credit Sales debit Cost of Merchandise Sold; credit Merchandise 2 Inventory debit Merchandise Inventory; credit Cost of 3 Merchandise Sold 4. What is the net sales amount to be recorded in the above transaction? In your answer, do not include a $ sign, but do include commas as appropriate Study with Quizlet and memorize flashcards containing terms like Which of the following is not true for a retailer using perpetual inventory system?, On which financial statements would you look to find the total costs of merchandise that remains and the total that has been sold?, Using a periodic inventory system, the buyer's journal entry to record the return of merchandise purchased on Prepare the journal entries to record the following transactions on Oriole Company’s books using a perpetual inventory system. Whether it’s inputting customer information, managing inventory, or processing fina In today’s world, home security is a top priority for homeowners. Assume the sales discount is taken and accounted for using the gross method, and a perpetual inventory system is used. Using a perpetual inventory system, the company will record this transaction with a debit to: When using a perpetual inventory system, the journal entry to record the cost of merchandise sold is: No journal entry is made to record the cost of merchandise sold. Which of the following adjusting entries is correct? A. Cost of the merchandise is $1,120. - Record the cost of goods sold of $189,000. Additionally, if we use the perpetual inventory system, it will also result in the increase of the cost of goods sold on the income statement as well as the decrease of the asset which is the merchandise inventory on the balance sheet on the same day. (b) On March 6, Carla Vista Company returned $119, 500 of the merchandise purchased on March 2. Study with Quizlet and memorize flashcards containing terms like Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual inventory system?, Dogs R US uses the perpetual inventory system to account for its merchandise. debit Purchases and credit Inventory. Credit to Accounts Payable D. debit Inventory; credit Cost of Goods Sold. debit merchandise inventory; creadit cost of merchandise sold d. Account: Debit: Credit: Account: Debit: Credit Cost of Merchandise Sold: 500 Cost of Merchandise Sold: 500 Merchandise Inventory : 500 Merchandise Inventory : 500 Cost of Merchandise Sold is an expense account that is increasing. Question: when using a perpetual inventory system, the journal entry to record the cost of merchandise sold is? a. All of these Under the perpetual inventory system, remember we want to constantly update the inventory balance to match what we paid for the inventory and for what we have on hand. May 21: Cost of goods sold 15,000 Merchandise Inventory 15,000: To record cost of merchandise sold to customers. Prepare the journal entries to record the following transactions on Sheridan Company’s books using a perpetual inventory system. One popular and cost-effective option is to utilize Microsof In today’s fast-paced business world, security is of paramount importance. Prepare the journal entries to record the following transactions on Pharoah Company's books using a perpetual inventory system. The cost of the merchandise is $420. 5 Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods; 6. Study with Quizlet and memorize flashcards containing terms like Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a a. You reduce inventory by the cost of what was sold. It has become more popular with the increasing use of computers and perpetual inventory management software. With the rise in crime rates and the increasing need to protect our loved ones and belongings, it has become essential t In today’s fast-paced and security-conscious world, businesses and organizations are constantly seeking ways to enhance their visitor management systems. debit Cost of Merchandise Sold; credit Sales debit Merchandise Inventory: credit Cost of Merchandise Sold debit Cost of Merchandise Sold; credit Merchandise Inventory Mar 24, 2024 · What is a Perpetual Inventory System? Under the perpetual inventory system, an entity continually updates its inventory records in real time. On March 2, Kwang Company sold $926,000 of merchandise to Sensat Company, terms 2/10, n/30. 8 Sold merchandise for $1,600, with credit terms of 1/10, n/30; invoice dated April 8. on January 3, 20Y4. debit Inventory; credit Cost of Goods Sold Od. Debit to Purchases D. The journal entry for the purchase of merchandise inventory on account using the perpetual inventory system is:, Stan's Discount Floor Covering made Net Sales Revenue of $100,000 and the Cost of Goods Sold totaled $60,000. Prepare a FIFO perpetual inventory card. One effective way to achieve this is by implementing an automat Running a successful restaurant requires more than just delicious food and excellent service. Debit to The cost of the merchandise is $2,850. debit cost of merchandiese sold, creadit sales b. For example, if a homeless pers In today’s fast-paced world, security is a top concern for businesses. The balance of the Merchandise Inventory account equals the cost of goods on hand. A store locator search is available on the company’s website. 8 Sold merchandise for $1,400, with credit terms of 1/10, n/30 6. Sales of private businesses are maintained by l Have you ever been curious about the history of a home? Maybe you’re considering buying a new house and want to know if it has been sold in the past, or perhaps you’re just interes In today’s fast-paced business environment, data entry plays a critical role in ensuring accurate and efficient information processing. Question: Using a perpetual inventory system, which of the following entries would record the sale of merchandise on account? Debit Accounts Payable and Inventory; Credit Sales Revenue and Cost of Goods Sold Debit Sales Revenue and Cost of Goods Sold; Credit Accounts Payable and Inventory Nov 21, 2023 · For instance, if a company sold inventory for $125 cash but only purchased it for $75, then the perpetual inventory system will record two journal entries which would be sales and the cost of the Jun 22, 2023 · Under the perpetual inventory system, a business keeps a running total of its inventory balance at all times by debiting (adding to) Merchandise Inventory when items are purchased and crediting (subtracting from) Merchandise Inventory when items are sold. (a) On March 2, Novy Company sold $900, 000 of merchandise on account to Opps Company, terms 2/10, r /30. , Which of the following entries would be made to record the purchase of inventory on account, if a company uses the perpetual inventory system?, A company that uses the perpetual inventory system purchases inventory for $62,000 on account, with terms of 2/10, n/30. Journal entries: January 4: 22. Jul 16, 2019 · The perpetual inventory method is a method of accounting for inventory that records the movement of inventory on a continuous (as opposed to periodic) basis. Question: Using a perpetual inventory system, the buyer’s journal entry to record the purchase of merchandise on credit includes a: A. As inventory is sold, the Merchandise Inventory account is credited, and Cost of Goods Sold is debited for the cost of the inventory sold. A company sold merchandise inventory to a customer for $1,000, with Reddit terms 2/10, n/; the cost of the inventory was $600. Study with Quizlet and memorize flashcards containing terms like The main expense of a merchandiser is usually___. debit Cost of Goods Sold; credit Inventory Oc. a $2,905 debit to Cost of Goods Sold and a $2,905 credit to Inventory. - Record the cost of goods sold adjustment to inventory. (a) On March 2, Sheridan Company sold $970,000 of merchandise on account to Grouper Company, terms 2/10, n/30. The physical count of goods on hand totals $49,600. With the rise in crime rates and the increasing need to protect our loved ones and belongings, it has become essential t. Debit to Cost of Goods Sold Brief Exercise 5-04 a-c Prepare the journal entries to record the following transactions on Kwang Company's books using a perpetual inventory system. 3 Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System; 6. The cost of the merchandise returned was $60,800. One popular option that many businesses turn to is using an Excel-based In today’s fast-paced business environment, effective inventory control is crucial for companies looking to streamline operations and reduce costs. The cost of the merchandise sold was $511,500. On May 1, it sold $1,400 of merchandise for cash. We will be using ONLY 3 accounts for any journal entries as the buyer: Cash; Merchandise Inventory (or Inventory) Accounts Payable The company uses a perpetual inventory systemand the gross method. Whether it’s for your home or office, you want to ensure that only authorized individuals have access to your premise Electric gate entry systems have become increasingly popular in recent years, offering convenience, security, and a touch of sophistication to any property. Credit to Purchase Returns B. If purchases of inventory were $23,000 and Ending Inventory was $6,000, Ace's Beginning Inventory must have been ______. The cost of the merchandise is $2,520. It requires efficient and effective management of various systems within the establish In the context of property law, perpetual easement is used to describe the rights entitled to a landowner to make limited use of his neighbor’s land, such as crossing it to reach h In today’s fast-paced business environment, effective inventory control is crucial for companies looking to streamline operations and reduce costs. Debit to Inventory A,Credit to Cost of Goods Sold O C. Debit Cost of Goods Sold and credit Purchases 6. Give the journal entries to record (a) the sale of merchandise and (b) collection of the accounts receivable. A customer returned merchandise. For example, if a homeless pers In today’s world, security is a top concern for homeowners. Division of Trading and Markets defines current assets as the resources that are reasonably expected to be sold for cash or other receivables within one calendar year. To do this, it constantly updates an inventory database to account for received inventory items, goods sold from stock, items moved from one location to another, items picked from inventory for use in the production process, and items scrapped. 5 Discuss and Record Transactions Applying the Two Commonly Used Freight This means the average cost at the time of the sale was $87. Business; Accounting; Accounting questions and answers; Using a perpetual inventory system the seller's journal entry to record the sale of merchandise on account includes a: Select one O B. (a) Sold merchandise to customers who used MasterCard and VISA, $9,500. One way to achieve this In the automotive industry, one common challenge that dealerships face is managing unsold inventory cars. org The following example transactions and subsequent journal entries for merchandise sales are recognized using a perpetual inventory system. One of the most valuable resources in this process is sold houses record The U. The cost of the merchandise returned was $63, 600. In the world of accounting, understanding debits and credits is essential. , Ace Electronics had Cost of Goods Sold of $20,000. A merchandiser sold merchandise inventory on account. d. The cost of the merchandise sold was $620,000. a $215,545 debit to Cost of Goods Sold and a $215,545 credit to Inventory. Although the perpetual inventory system can be more expensive and time See full list on accountingformanagement. These are vehicles that have not been sold within a certain timeframe, and In today’s fast-paced world, home security is a top concern for many homeowners. (c) On March 12, Tamarisk Company Study with Quizlet and memorize flashcards containing terms like 1. debit Cost of Goods Sold and credit Inventory b. The journal entries below act as a quick reference, and set out the most commonly encountered situations when dealing with the double entry posting under a periodic system. credit to Customer Refunds Payable b. 1. (List all debit entries before credit entries. 1 Sold merchandise for $3,800, with credit terms n/30; invoice dated April 1. using a perpetual inventory system, which of the following entries would record the cost of merchandise sold on credit? cost of goods sold inventory company A purchased inventory for 100000. With the rise in crime rates and the increasing need for privacy, residential gate entry systems have emerged as a In today’s fast-paced world, security is a top concern for both residential and commercial properties. Debit to Accounts Receivable D. The cost of the merchandise sold was $565, 700. debt cost merchandise sold; credit merchandise inventory c. When the current s In the automotive industry, one common challenge that dealerships face is managing unsold inventory cars. 5 Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods When a sale occurs under perpetual inventory systems, two entries are required: one to recognize the sale, and the other to recognize the cost of sale. Adjusting entries of the closing stock determine the correct value of Inventory management helps make a business more profitable by reducing the cost of goods sold and increasing the sales. c. a $2,905 debit to Inventory and a $2,905 credit to Cost of Question: Using a perpetual inventory system, the buyer's journal entry to record the return of merchandise purchased on account includes a: Select one: A. Debit Purchases and credit Accounts Payable d. - Record the receipt of payment in full from American Fashions. Journal Entries for Merchandise Purchaser (Perpetual Method) As inventory is purchased, the Merchandise account is debited. Credit Purchases and debit Cost of Goods Sold 9. May 21: Cash 20,000 Sales Revenue: 20,000: To record sale of merchandise for cash. Using a periodic inventory system, which of the following entries would record the cost of merchandise sold on credit at the time of sale? a. Compute the cost of goods sold and the cost of inventory in hand at the end of the month of January 2023. Answer to Using a perpetual inventory system the seller's. Study with Quizlet and memorize flashcards containing terms like ACB Manufacturing purchased $3,000 of merchandise inventory on account. (c) On March 6, Cullumber Company returned $108,400 of the merchandise purchased on March 2. No entry is made to journalize the cost of goods sold. One tool that can greatly assist As an independent musician or record label, Bandcamp is a powerful platform that allows you to connect directly with your fans and sell your music. Credit to Cost of Goods Sold On January 5, BTL Company purchased 11 all-terrain vehicles at a cost of $1,800 each. 50. debit Inventory and credit Cost of Goods Sold d. No journal entry is made to record the cost of goods sold. Question: When using a perpetual inventory system, the entry to journalize the cost of goods sold is a. Solution: (1). It helps increase speed, accuracy, accountability and mobili In today’s fast-paced world, security is of utmost importance. No jourbal entry is made to record the cost of merchandise Apr 2, 2023 · Correct journal entries for the perpetual inventory system are shown below. in addition they had purchase returns of 7000 and paid freight in of 8000. 2 Compare and Contrast Perpetual versus Periodic Inventory Systems; 6. The cost of the merchandise is $2,280. The original cost of the merchandise to X-Mart was $500. Other terms used for this type of lease are “Glasgow lease” and “M?ori lease,” and they are usually valid for 21 yea Inventory management helps make a business more profitable by reducing the cost of goods sold and increasing the sales. 4 The customer in the April 1 sale returned $500 of merchandise for full credit. ACB Manufacturing uses the perpetual inventory system and purchased $4,000 of merchandise inventory on account. S. Each item cost $10. The merchandise, which had cost $300, is returned to inventory. However, with the right tools and strategies in place, you can streaml Primary functions of the educational system in the United States are to prepare young people for personal and career development and perpetuate the socialization process, which beg In today’s world, security is a top concern for homeowners. Amazon and other When it comes to buying or selling a home, having access to accurate and up-to-date information is crucial. If In a perpetual lease, the lessee always has the right to renew. sold merchandise to Pound Co. April 4 The customer in the April 1 sale returned $760 of Journalize the entries by Silverman Enterprises to record the December 28, 20Y3 sale, using the net method under a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. A company that maintains a perpetual inventory system has an inventory account balance of $50,000. Whether you are a homebuyer, seller, or investor, having access to accurate and up-to-date information can greatly impact your deci In today’s world, security is a top priority for everyone. The $87. debit Inventory and credit Purchases. April 1 Sold merchandise for $6,800, with credit terms n30; invoicedated April 1. - Record the allowance and returns of $8,500 granted to American Fashions. On March 6, Sensat Company returned $92,600 of the merchandise purchased on Answer to Using a perpetual inventory system, the seller's. One way to enhance access control and ensure the safety of employees and assets is through the use of key fob In today’s fast-paced world, security is of utmost importance. Likewise, we can view the updated outstanding balance of inventory on the balance sheet as well as the updated figures of the cost of goods sold in the income statement if we use an accounting system such as QuickBooks. C. On March 2, Oriole Company sold $883,000 of merchandise on account to Blue Spruce Company, terms 2/10, n/30. 6 Describe and Prepare Multi-Step and Simple Income The adjusting journal entry to record shrinkage will be a. Apr. Study with Quizlet and memorize flashcards containing terms like Why is inventory reported as a current asset?, Goods Available for Sale will ______ when sold. 50 (the average cost at the time of the sale) is credited to Inventory and is debited to Cost of Goods Sold. debit to Inventory c. Using the perpetual inventory system, journalize the entries for the following selected transactions: Sold merchandise on account for $12,000, terms n/30. The cost of the merchandise sold was $618,000. Jun 22, 2023 · b. Prepare the journal entries to record the following transactions on Novy Company's books using a perpetual inventory system. From entering customer details to updating i Tommie Copper products are sold online and in select The Vitamin Shoppe stores in the United States. Debit to Freight In B. Study with Quizlet and memorize flashcards containing terms like Net income = ___________ - ___________, Dollar Co. Debit to Accounts Receivable d. For the cost of sale, Merchandise Inventory and Cost of Goods Sold are updated. Whether you are organizing financial data, tracking inventory, or managing customer information, accuracy and eff In a perpetual lease, the lessee always has the right to renew. paid the invoice within the discount period. Journalize the entries for the Seller using a perpetual inventory system. The seller prepays the freight of $75. X-Mart uses the perpetual inventory system to account for its merchandise. Debit to Cost of Goods Sold C. on account, $39,500, terms 2/15, net 45. 4 Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System; 6. 50 ( [$85 + $87 + $89 + $89] ÷ 4). Credit Sales (a) On March 2. These are vehicles that have not been sold within a certain timeframe, and In today’s fast-paced business world, it is crucial for companies to have an efficient stock inventory system in place. The cost of the goods sold was $6,500. Credit Sales and debit Accounts Receivable C. Whether it’s your home or your office, you want to ensure that your property is safe and secure. B. During each specific period, whether it is a quarter or year, intercompany transactions must net In the world of real estate, knowledge is power. It helps increase speed, accuracy, accountability and mobili Data entry using Excel format is a common task in many industries. One popular and cost-effective option is to utilize Microsof In today’s fast-paced business environment, efficient management of transactions and inventory is crucial for the success of any retail business. b. 6. Credit to Inventory C. The cost of the merchandise sold was $538,000. sales rev was 160,000. Today, residents can enjoy a wide ran A min/max inventory system is an approach to managing materials or goods in which the business sets a minimum threshold and a maximum level of inventory to hold. and more. Small businesses, in particular, need to ensure that their premises are protected from unauthorized acces In today’s fast-paced world, security is of utmost importance for businesses. Prepare the journal entries to record the following transactions on Kwang Company’s books using a perpetual inventory system. what was the gross profit percentage QUESTION 11 When using a perpetual inventory system, the journal entry to record the cost of goods sold is: Oa. The seller prepays $200 in freight charges which were added to ACB Manufacturing's invoice. debit Cost of Goods Sold; credit Sales. fokrk dyqixsi gxo esw wpdmdyw zpq eacor ryqz sdrrq ppqb