now journalize the expense related to the march 3 sale cost of goods is $28,000\ndate accounts debit…
now journalize the expense related to the march 3 sale cost of goods is $28,000\ndate accounts debit credit\nmar 3
Answer
Explanation:
Step1: Identify accounts
When recording the cost of goods sold, we debit the Cost of Goods Sold account and credit the Inventory account. This reflects the transfer of inventory to expense as the goods are sold.
Step2: Enter amounts
The cost of goods is $28,000, so we enter this amount for both the debit to Cost of Goods Sold and the credit to Inventory.
| Date | Accounts | Debit | Credit |
|---|---|---|---|
| Mar 3 | Cost of Goods Sold | $28,000 | |
| Mar 3 | Inventory | $28,000 |
Answer:
| Date | Accounts | Debit | Credit |
|---|---|---|---|
| Mar 3 | Cost of Goods Sold | $28,000 | |
| Mar 3 | Inventory | $28,000 |