Answered

Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Experience the ease of finding reliable answers to your questions from a vast community of knowledgeable experts. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

What are the journal entries to record a cash sale of inventory?.

Sagot :

rahaanfaisal

Answer:

In the case of a cash sale, the entry is:

[debit] Cash. Cash is increased, since the customer pays in cash at the point of sale

.[debit] Cost of goods sold. ..

. [credit] Revenue. ... 

[credit]. ... 

[credit] Sales tax liability.

Explanation:

In the case of cash sales, the “cash account” is debited, whereas “sales account” is credited with the equal amount.

We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.