QUESTION 2 Assume the periodic inventory system. Jostle Juggling sold inventory to Clarsky Circus for $9,000...
QUESTION 2 Assume the periodic inventory system. Jostle Juggling sold inventory to Clarsky Circus for $9,000 cash. Which of the following is the journal entry to be made by Jostle Juggling? Cash 9,000 Sales 9,000 Accounts Receivable 9,000 Sales 9,000 Cash 9,000 Accounts Payable 9,000 Cost of Goods Sold 9,000 Sales 9,000 Cash 9,000 Inventory 9,000
Homework Answers
Under the periodic inventory system, cash is debited (if inventory is sold for cash) or Accounts receivable is debited (if inventory is sold on credit) by the sale price of inventory and sales is credited by sales value.
No entry is made for cost of goods sold under the periodic inventory system
Jostle Juggling sold inventory to Clarsky Circus for $9,000 cash.
Hence, following is the journal entry to be made by Jostle Juggling:
| Date | Account title | Debit | Credit |
| Cash | 9,000 | ||
| Sales | 9,000 | ||
| (To record sale of inventory for cash) |
First option is correct
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QUESTION 2 Assume the periodic inventory system. Jostle Juggling
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