Choco Corp. is a retailer of various types of mugs. On October 11, 2016, Choco sold...
Choco Corp. is a retailer of various types of mugs. On October 11, 2016, Choco sold 600 mugs on cash at the price of $2/mug. The cost of this mugs are $1/mug. What is the journal entry for sales on October 11, 2016 if Choco use perpetual inventory? Use following accounts to answer: Cost of goods sold, Sales Revenue, Cash, Inventory
Debit Cash $
Credit ____ _______$
Debit _____ ________-$
Credit ____ __________ $
Homework Answers
Answer
--Date 11 Oct
| Accounts | Debit | Credit |
| Cash [600 x $ 2] | $1,200 | |
| Sales revenue [600 x $ 2] | $1,200 | |
| Cost of goods Sold [600 x $ 1] | $600 | |
| Inventory | $600 | |
| (to record sale and cost of goods sold) |
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