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B uses a perpetual inventory system. Your examination of B Company's records indicates that B...

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Accounting

B uses a perpetual inventory system. Your examination of B Company's records indicates that B Company recorded a credit sale of $10,000 on December 30, 2019, the date of shipment. The goods had a cost to B of $7,000. The goods were shipped F.O.B. destination. The customer received the goods on January 3, 2020. The required correcting entry on B's books on December 31, 2019 would include:

Debit: Sales Revenue for 10,000

Credit: Sales Revenue for 10,000

Debit: Inventory for 10,000

Credit: Cost of Goods Sold for 10,000

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