Question

question content area in recording the cost of goods sold for cash, based on data available from perpetual inventory records, the journal entry is:

Answer 1

In recording the cost of goods sold for cash, based on data available from perpetual inventory records, the journal entry is debit Cost of Goods Sold; credit Inventory.

What are inventory?

Inventory include taken records of goods that are sold and the once that are available.

For goods that are sold they are removed from the available goods including the cost and added to the inventory as sold.

Therefore, In recording the cost of goods sold for cash, based on data available from perpetual inventory records, the journal entry is debit Cost of Goods Sold; credit Inventory.

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