A Company That Uses the Perpetual Inventory System Sold $1,000 $$\begin{array} { | l | r | r | } \hline \text { Cost of goods sold } & 400 & \\\hline \text { Sales revenue } & & 400 \\\hline\end{array}$$

Multiple Choice

A company that uses the perpetual inventory system sold $1,000 of goods to a customer on account.The inventory had been purchased by the company for $400.Which of the following journal entries correctly records the Cost of goods sold?

A) $$\begin{array} { | l | r | r | } \hline \text { Cost of goods sold } & 400 & \\\hline \text { Sales revenue } & & 400 \\\hline\end{array}$$
B) $$\begin{array} { | l | r | r | } \hline \text { Inventory } & 400 & \\\hline \text { Cost of goods sold } & & 400 \\\hline\end{array}$$
C) $$\begin{array} { | l | r | r | } \hline \text { Cost of goods sold } & 400 & \\\hline \text { Inventory } & & 400 \\\hline\end{array}$$
D) $$\begin{array} { | l | r | r | } \hline \text { Accounts receivable } & 400 & \\\hline \text { Sales revenue } & & 400 \\\hline\end{array}$$