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Miranda Enterprise sold 300 running shoes at $22,500 for cash. The cost of the running...

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Accounting

Miranda Enterprise sold 300 running shoes at $22,500 for cash. The cost of the running shoes was $50 per pair of running shoes. Under perpetual inventory system, the accountant will _____ to record the decrease in inventory.

  1. debit Cost of Goods Sold and credit Inventories by $15,000
  2. debit Inventories and credit Cost of Goods Sold by $22,500
  3. debit Cash and credit Inventories by $15,000
  4. debit Inventories and credit Cash by $22,500

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