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The Corbit Corp. sold merchandise for $10,000 cash. The cost of the goods sold was $7,590. The journal entries to record this transaction under the perpetual inventory system would be ____________.

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Answer:

See explanation section

Explanation:

When a company uses the perpetual inventory method, he will give two journals for sales. One is for selling merchandise, and another one is for the cost of that sold item.

Therefore,

Debit cash $10,000

Credit Sales revenue $10,000

(To record the sales through payment)

Debit Cost of goods sold $7,590

Credit Merchandise Inventory $7,590

(to record the cost of goods sold)

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