The capital expenditures budget is completed before the preparation of the cash budget

A company that uses the perpetual inventory system sold goods for $3,500 to a customer on account. The company had purchased the inventory for $900. Which of the following journal entries correctly records the cost of goods sold?

A) Cost of Goods Sold 900 Sales Revenue 900 B) Merchandise Inventory 900 Cost of Goods Sold 900 C) Cost of Goods Sold 900 Merchandise Inventory 900 D) Accounts Receivable 900 Sales Revenue 900

In addition to marketing life insurance, life insurers typically sell which of the following products? I. Retirement annuities II. Disability income insurance

A) I only B) II only C) both I and II D) neither I nor II