Under the perpetual inventory system, in addition to making the entry to record a sale, a company would debit Inventory and credit Cost of Goods Sold. debit Cost of Goods Sold and credit Purchases. debit Cost of Goods sold and credit Inventory. make no additional entry until the end of the peri

The journal entry is shown below:

Explanation:

The journal entry for the sale of the goods using the system of perpetual inventory is shown below:

Cost of Goods sold A/cDr  

               Inventory A/cCr

Being record the sale using perpetual inventory system

Under the system of perpetual inventory, the sale or the purchase of inventory is recorded immediately using the point of sale system.

So, account of Cost of goods sold (COGS) is debited against the inventory which is sold through the business and that is credited.

match the scenarios with terms related to financial aid.

pell grant

student loan

merit-based scholarship

richard is one of the leading college basketball players in the state of florida. he also maintains a good academic record. looking at his talent and potential, furman university offers to bear the expenses for his college education.

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anita wants to pursue a certificate program in sports nutrition. to pay for the course, she borrows money by filing the fafsa.

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nathan comes from a low-income household. he wants to pursue an undergraduate degree in marketing. he receives financial aid covering 50 percent of his college expenses. nathan does not have to pay back this amount.

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