Respuesta :
The entries to record the day's cash sales will contain $3510 debit to Cost of Goods Sold.
What is meant by cash sales?
In a cash sale, the buyer pays for the goods or services in full at the moment of the transaction. Payment is made right away in a cash sale. It doesn't matter how the customer pays as long as money is transferred. It might be: Cash: After counting the notes and coins, the buyer gives the seller the money. Bills, coins, checks, credit cards, and money orders are all regarded as means of payment for cash sales.
The seller won't need to give the buyer credit if the transaction is done in cash. So there is no chance of a bad debt. The phrase can also be used to describe the sale of a security that needs to be delivered right away.
The firms keep a cash book to track every cash transaction. These could include cash transactions such as sales, purchases, and expenses. As soon as a cash sale is made, the following journal entry will be made in the cash book: Dr. Cash Account to Sales Account.
Hence, The entries to record the day's cash sales will contain $3510 debit to Cost of Goods Sold.
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