Lets say your customer purchases a table for $500 with cash. There.pdf
Let's say your customer purchases a table for $500 with cash. There's a 5% sales tax rate, meaning you receive $25 in sales tax ($500 X 0.05). The customer's total bill is $525. The table cost you $400. To reflect this, debit your COGS account $400. And, credit your Inventory account $400. Account Please explain COGS and Inventory part $400 Date AccountNotesDebitCreditxxx/xxxCash525Sales Tax Payable25Revenue500COGS400Inventory400.
Lets say your customer purchases a table for $500 with cash. There.pdf
Let's say your customer purchases a table for $500 with cash. There's a 5% sales tax rate, meaning you receive $25 in sales tax ($500 X 0.05). The customer's total bill is $525. The table cost you $400. To reflect this, debit your COGS account $400. And, credit your Inventory account $400. Account Please explain COGS and Inventory part $400 Date AccountNotesDebitCreditxxx/xxxCash525Sales Tax Payable25Revenue500COGS400Inventory400.
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Lets say your customer purchases a table for $500 with cash. There.pdf
- 1. Let's say your customer purchases a table for $500 with cash. There's a 5% sales tax rate, meaning you receive $25 in sales tax ($500 X 0.05). The customer's total bill is $525. The table cost you $400. To reflect this, debit your COGS account $400. And, credit your Inventory account $400. Account Please explain COGS and Inventory part $400 Date AccountNotesDebitCreditxxx/xxxCash525Sales Tax Payable25Revenue500COGS400Inventory400