A company purchased inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. How should the company record the purchase using a perpetual inventory system? 1. Inventory 2,000 Accounts Payable 2,000 2. Cost of Goods Sold 2,000 Deferred Revenue 1,000 Sales Revenue 3,000 3. Cost of Goods Sold 2,000 Accounts Payable 2,000 4. Cost of Goods Sold 2,000 Gain 1,000 Accounts Payable 3,000 Multiple Choice Option 1 Option 2 Option 3 Option 4

Option 1

Explanation:

When inventory is purchased, it may be purchased on account/credit or with cash.

Irrespective of the way it is purchased, a debit entry is posted to inventory (with the cost of the items purchased), however if purchased using cash, cash is credited.

If purchased on account or credit, the credit entry goes to the accounts payable account.

Subsequently, when cash is paid, debit accounts payable and credit cash.

and whats your questoin

answer; ///i believe the correct answer is (c) laissez-faire;