now journalize the expense related to the january 4 sale. cost of goods is $7,500\ndate\taccounts\tdebit\tcre…
now journalize the expense related to the january 4 sale. cost of goods is $7,500\ndate\taccounts\tdebit\tcredit\njan 4\t\t\t\t
Answer
Explanation:
Step1: Identify accounts
When recording the cost of goods sold expense, we debit the Cost of Goods Sold account and credit the Inventory account.
Step2: Enter amounts
The cost of goods is $7,500, so we debit Cost of Goods Sold for $7,500 and credit Inventory for $7,500.
| Date | Accounts | Debit | Credit |
|---|---|---|---|
| Jan 4 | Cost of Goods Sold | $7,500 | |
| Jan 4 | Inventory | $7,500 |
Answer:
| Date | Accounts | Debit | Credit |
|---|---|---|---|
| Jan 4 | Cost of Goods Sold | $7,500 | |
| Jan 4 | Inventory | $7,500 |