Question

On November 2, 2020, Bramble Company has cash sales of $6120 from merchandise having a cost of $3540. The entries to record the day's cash sales using a perpetual inventory system will include:

Answer 1

Cash will be debited and sales will be credited by $6,120 and cost of good sold with be debited and inventory will be credited by $3,540.

A journal entry is the act of maintaining or producing records of any economic or the non-economic transaction. An accounting journal, which shows a company's debit and credit balances, records transactions. The journal entry may have many records, each of which is either a debit or a credit.

The journal entry to record days cash sales would be as given below:

Cash (Dr)                     $6,120

   To sales                                 $6120

(Being cash sales of $6,120)

Cost of good sold  (Dr)  $3,540

    To inventory                          $3,540.

(Being cost of cost of good sold)

 

To know more about journal entries click here:

brainly.com/question/14279491

#SPJ4