Cash will be debited and sales will be credited by $6,120 and cost of good sold with be debited and inventory will be credited by $3,540.
A journal entry is the act of maintaining or producing records of any economic or the non-economic transaction. An accounting journal, which shows a company's debit and credit balances, records transactions. The journal entry may have many records, each of which is either a debit or a credit.
The journal entry to record days cash sales would be as given below:
Cash (Dr) $6,120
To sales $6120
(Being cash sales of $6,120)
Cost of good sold (Dr) $3,540
To inventory $3,540.
(Being cost of cost of good sold)
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