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On October 10, Silverman purchased 1,000 units of a product at $1 each with terms...

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Accounting

On October 10, Silverman purchased 1,000 units of a product at $1 each with terms 2/10, n/30. What is the journal entry Silverman will make under perpetual method?

a Debit: Cash $1,000 Credit: Sales

b Debit: Cost of goods sold $1,000 Credit: Cash $1,000

c Debit: Inventory $1,000 Credit: Cash $1,000

d Debit: Inventory $1,000 Credit: Accounts Payable $1,000

On October 12, Silverman returned 200 units of product purchased on October 10 at terms 2/10,n/30 to Hardeep Singh because they were defective. What is the journal entry Sliverman will make?

a Debit: Inventory $200 Credit: Accounts Payable $200

b Debit: Accounts Payable $200 Credit: Inventory $200

c Debit: Sales Return and allowance $200 Credit Cash $200

d Debit: Cost of Goods Sold $200 Credit: Cash $200

On October 10, Silverman purchased 1,000 units of a product at $1 each with terms 2/10, n/30 from Hardeep Singh. What is the journal entry Hardeep Singh will make under perpetual method for sales only?

a Debit Sales Revenue $1,000 Credit: Accounts Receivable $1,000

b Debit: Accounts Payable $1,000 Credit: Cash $1,000

c Debit: Accounts Receivable $1,000 Credit: Sales Revenue $1,000

d Debit: Cash $1,000 Credit: Sales Revenue $1,000

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