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Question - On July 1, Darin Company sold inventory costing $4,500 to Dee Company for $6,000, terms 2/10, n/30. Both companies use a perpetual inventory system. What journal entry will be recorded by Dee Company on July 1?
Debit Purchases and credit Accounts Payable for $6,000
Debit Inventory and credit Accounts Receivable for $6,000
Debit Inventory and credit Accounts Payable for $6,000
Debit Cost of Goods Sold and credit Inventory for $4,500
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