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Our company sold merchandise on account with a cost of $700 for $1,000. Our company uses a perpetual inventory system. What account and amount would we credit to record the sales revenue?

Respuesta :

Explanation:

The journal entry to record the sales revenue under the perpetual inventory method is shown below:

Accounts receivable A/c Dr $1,000

      To Sales revenue A/c $1,000

(Being the sales revenue is recorded)

We simply debited the account receivable and credited the sales revenue for $1,000 each as both the accounts are increased  

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