Jan 1: 711 sold beverage products to a customer for $200 cash. The cost of the products is $75. What is the JE to record the Cost of Goods Sold? ○ A. Account Name Cost of Goods Sold Inventory B. Inventory D. Cost of Goods Sold Debit Credit 200 200 Account Name Debit Credit 75 75 Account Name Debit Credit Cost of Goods Sold 75 Inventory 75 Cash Sale Revenue Account Name Debit Credit 75 75

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
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Jan 1: 711 sold beverage products to a customer for $200 cash. The cost of the products is $75.
What is the JE to record the Cost of Goods Sold?
○ A.
Account Name
Cost of Goods Sold
Inventory
B.
Inventory
D.
Cost of Goods Sold
Debit
Credit
200
200
Account Name
Debit
Credit
75
75
Account Name
Debit
Credit
Cost of Goods Sold
75
Inventory
75
Cash
Sale Revenue
Account Name
Debit
Credit
75
75
Transcribed Image Text:Jan 1: 711 sold beverage products to a customer for $200 cash. The cost of the products is $75. What is the JE to record the Cost of Goods Sold? ○ A. Account Name Cost of Goods Sold Inventory B. Inventory D. Cost of Goods Sold Debit Credit 200 200 Account Name Debit Credit 75 75 Account Name Debit Credit Cost of Goods Sold 75 Inventory 75 Cash Sale Revenue Account Name Debit Credit 75 75
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