Answered

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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.

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