Question

now journalize the expense related to the jan 20 sale—cost of goods is $2,150
date
accounts
debit
credit
jan 20

Explanation:

Step1: Identify the accounts involved

The cost of goods sold is an expense account and inventory is the asset account being reduced.

Step2: Determine debit and credit rules

Expenses are debited when they increase and assets are credited when they decrease.

Step3: Record the journal - entry

Debit the Cost of Goods Sold account and credit the Inventory account.

Answer:

Date	Accounts	Debit	Credit
	Inventory		$2,150