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  3. everton co. sells $37,500 of inventory to chelsea

Everton Co. sells $37,500 of inventory to Chelsea Corporation for cash. Everton paid $16,000 for...

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Accounting

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Everton Co. sells $37,500 of inventory to Chelsea Corporation for cash. Everton paid $16,000 for the merchandise. Under the perpetual inventory system, which of the following journal entry(ies) would be recorded? debit Sales, $37,500; credit Inventory, $37,500 Odebit Cash, $37,500; credit Inventory, $16,000 debit Cash, $37,500; credit Sales, $37,500; and debit Cost of Goods Sold, $16,000; credit Inventory, $16,000 debit Accounts Receivable, $37,500; credit Sales, $37,500; and debit Cost of Goods Sold, $16,000; credit Inventory, $16,000

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