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Choco Corp. is a retailer of various types of mugs. On October 11, 2016, Choco sold 600 mugs on cash at the price of $2/mug.
Choco Corp. is a retailer of various types of mugs. On October 11, 2016, Choco sold 600 mugs on cash at the price of $2/mug. The cost of this mugs are $1/mug. What is the journal entry for sales on October 11, 2016 if Choco use periodic inventory? Use following accounts to answer: Cost of goods sold, Sales Revenue, Cash, Inventory.
Debit ______. $ ______
Credit _____ $ ________-
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