Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Is this the right Journal entry for this question? You own a food truck business. You purchase food on January 4, 2005 for 2000 cash.
Is this the right Journal entry for this question?
- You own a food truck business. You purchase food on January 4, 2005 for 2000 cash. You sell the food for 4,000 cash on January 10th. What is the Journal entry you make on the 10th.
- My answer was:
- Cash 4,000
- Sales 4,000
- COGS 2,000
- Inventory 2,000
- Is that Correct?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Using Microsoft Excel and Access 2016 for Accounting
Authors: Glenn Owen
5th edition
1337109048, 1337109045, 1337342149, 9781337342148 , 978-1337109048
