Which statement is true when recording the sale of goods for cash in a perpetual inventory system?

1. To record the purchase of inventory on account and the payment of freight charges.

Inventory 4,000

Accounts payable 4,000

Inventory 300

Cash 300

2. To record purchase returns.

Accounts payable 600

Inventory 600

3. To record cash sales and cost of goods sold.

Cash 5,000

Sales revenue 5,000

Cost of goods sold 2,800

Inventory 2,800

Exercise 8-2

1. To record the purchase of inventory on account and the payment of freight charges.

Purchases 4,000

Accounts payable 4,000

Freight-in 300

Cash 300

2. To record purchase returns.

Accounts payable 600

Purchase returns 600

3. To record cash sales.

Cash 5,000

Sales revenue 5,000