Argus sells auto parts. On August 1, a customer purchases parts for $3,900 cash. The parts cost Argus $1,300. Argus uses the perpetual inventory method
Required: Prepare the necessary entries to record the sale.
What will be an ideal response?
Answer:
January 1
Cash
3,900
Sales
3,900
January 31
Cost of Goods Sold
1,300
Inventory
1,300
Business
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