Question

Journalize the sales transactions. Explanations are not required. ​(Record debits​ first, then credits. Exclude explanations from journal​ entries.) Jul. 1​: Salem sold $ 20 comma 000 of​ men's sportswear for cash. Cost of goods sold is $ 10 comma 000. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step.

Answer 1

Answer:

cash        20,000 debit

    sales revenue      20,000 credit

COGS        10,000 debit

    inventory          10,000 credit

Explanation:

The sale is a revenue thus credited.

We recieve cash which is an asset. When asset increase we debit.

Then, we must recognize the expense associate with this sale. Also, this decreases our invnetory, we have less assets o we credit inventory account.