A company that uses the perpetual inventory system sold goods for $2,500 to a customer on account. The company had purchased the inventory for $500.
Which of the following journal entries correctly records the cost of goods sold?

a. Cost of Goods Sold 500
Sales Revenue 500
b. Merchandise Inventory 500
Cost of Goods Sold 500
c. Cost of Goods Sold 500
Merchandise Inventory 500
d. Accounts Receivable 500
Sales Revenue 500

When randy, a general manager of a national retailer, moved to a different store in his company that was having difficulty, he knew that sales were low and after talking to his employees, he found morale was also low. at first randy thought attitudes were poor due to low sales, but after working closely with employees, he realized that the poor attitudes were actually the cause of poor sales. randy was able to discover the cause of the problem by utilizing skills.