Question: Is this the right Journal entry for this question? You own a food truck business. You purchase food on January 4, 2005 for 2000 cash.

Is this the right Journal entry for this question?

  • You own a food truck business. You purchase food on January 4, 2005 for 2000 cash. You sell the food for 4,000 cash on January 10th. What is the Journal entry you make on the 10th.
  • My answer was:
  • Cash 4,000
  • Sales 4,000
  • COGS 2,000
  • Inventory 2,000
  • Is that Correct?

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