current attempt in progress\nto record the sale of goods for cash in a perpetual inventory system,\nonly one…

current attempt in progress\nto record the sale of goods for cash in a perpetual inventory system,\nonly one journal entry is necessary to record cost of goods sold and reduction of inventory.\ntwo journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods\nsold and reduction of inventory.\nonly one journal entry is necessary to record the receipt of cash and the sales revenue.\ntwo journal entries are necessary: one to record the receipt of cash and reduction of inventory, and one to record the cost of\ngoods sold and sales revenue.

current attempt in progress\nto record the sale of goods for cash in a perpetual inventory system,\nonly one journal entry is necessary to record cost of goods sold and reduction of inventory.\ntwo journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods\nsold and reduction of inventory.\nonly one journal entry is necessary to record the receipt of cash and the sales revenue.\ntwo journal entries are necessary: one to record the receipt of cash and reduction of inventory, and one to record the cost of\ngoods sold and sales revenue.

Answer

Brief Explanations:

In a perpetual inventory system, when goods are sold for cash, two separate journal entries are made. One entry is for the financial aspect (receipt of cash and recognition of sales revenue), and the other is for the inventory - related aspect (recording the cost of goods sold and reducing the inventory balance).

Answer:

two journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods sold and reduction of inventory.