Choco Corp. is a retailer of various types of mugs. On October 11, 2016, Choco sold 600
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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 ____ __________ $
Related Book For
Accounting Information Systems Controls and Processes
ISBN: 978-1119329565
3rd edition
Authors: Leslie Turner, Andrea Weickgenannt, Mary Kay Copeland
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