Which statement is true when recording the sale of goods for cash in a perpetual inventory system?
Two journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods sold and to reduce inventory.
Two journal entries are necessary: one to record the receipt of cash and reduction of inventory, and one to record the the cost of goods sold and sales revenue.
Only one journal entry is necessary. It will record cost of goods sold and reduce of inventory.
Only one journal entry is necessary. It will record the receipt of cash and sales revenue.
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