[angle22]

Which accounts are affected merchandising business record a sale?

[ROLCAM]

DEBIT Bank Account XXXX
CREDIT Sales Account XXXX

Being the sale of products for Cash.

OR

DEBIT Accounts Receivable Account XXXX
CREDIT Sales Account XXXX

Being the sale of products for Credit.

[pready]

There will be two journal entries when rec ording a sale of mercchandise:
1) Debit Cash or Accounts Receivable for the amount of Sale
Credit Sales Revenue for the amount of sale

2) Debit Cost of Goods Sold(COGS) for the cost of the merchandise sold
Credit Inventory or Sales account for the cost of merchandise