On may 1, shilling company sold merchandise in the amount of $5,800 to anders, with credit terms of 2/10, n/30. the cost of the items sold is $4,000. shilling uses the perpetual inventory system. the journal entry or entries that shilling will make on may 1 is:

a) sales accounts receivable 5,800 5,800

b) sales accounts receivable cost of goods sold merchandise inventory 5,800 5,800 4,000 4,000

c) 5,800 accounts receivable 5,800 sales

d) 5,800 accounts receivable 5,800 sales cost of goods sold, merchandise inventory are 4,000, 4,000

e) 4,000 accounts receivable 4,000 sales

Value economics capital scarcity opportunity cost wealth labor trade-offs standard of living good a. condition of not having enough resources to produce all the things people want b. alternative choices made by consumers in the marketplace c. sum of those economic products that are tangible, scarce, useful, and transferable d. tools, equipment, machinery, and factories used in the production of goods and services e. tangible item that is economically useful or that satisfies an economic want f. quality of life based on the ownership of the necessities and luxuries that make life easier g. people with all their efforts, abilities, and skills h. cost of the next-best alternative use of money, time, or resources when one choice is made rather than another i. study of how people try to satisfy their needs through the careful use of scarce resources j. worth that can be expressed in dollars and cents