X-Mart uses the perpetual inventory system to account for its merchandise. On June 1, it sold $7,000 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the cost of the sale by selecting all of the correct actions below.Multiple select question.Debit Cost of Goods Sold $500.Credit Cost of Goods Sold $500.Credit Merchandise Inventory $500.Debit Merchandise Inventory $500.

X-Mart purchased $300 of merchandise and paid immediately. Demonstrate the journal entry to record this transaction, assuming the perpetual inventory system is used.Multiple choice question.Debit Merchandise Inventory $300; credit Sales $300.Credit Merchandise Inventory $300; debit Cash $300.Debit Merchandise Inventory $300; credit Cash $300.Debit Purchases $300; credit Cash $300.

Select all that applyX-Mart uses the perpetual inventory system to account for its merchandise. On June 1, it sold $7,000 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below.Multiple select question.Credit Merchandise Inventory $500.Debit Merchandise Inventory $500.Credit Cost of Goods Sold $500.Credit Cash $7,000.Debit Cash $7,000.Credit Sales $7,000.Debit Cost of Goods Sold $500.Debit Sales $7,000.

On Dec. 20, X-Mart received a $100 allowance because the merchandise it purchased on account, earlier in the month, was of poor quality. Demonstrate the required journal entry on X-Mart's books for the allowance assuming the perpetual inventory method.Multiple choice question.Debit Accounts Payable $100; credit Merchandise Inventory $100.Debit Accounts Payable $100; credit Cash $100.Debit Accounts Payable $100; credit Purchase Returns $100.Debit Merchandise Inventory $100; credit Accounts Payable $100.

Select all that applyX-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it purchased $400 of merchandise on account with terms of 2/15, n/40. On May 3, X-Mart returned $50 of merchandise due to defect. Assuming that the purchase was paid for within the discount period, demonstrate the required journal entry for X-Mart to record the payment by selecting all of the correct actions below.Multiple select question.Credit Accounts Payable $350.Credit Cash $392.Credit Cash $343.Credit Merchandise Inventory $7.Debit Merchandise Inventory $7.Credit Purchase Discounts $7.Debit Accounts Payable $350.

On June 5, X-Mart purchased $400 of merchandise with terms of 2/10,n/30. If payment is made on June 11, calculate the purchase discount that may be taken by X-Mart.