Penn sells cameras. On August 1, a customer purchases a camera for $5,700 on account. The camera cost Penn $2,500. Penn uses the periodic inventory method. The customer paid for the camera at the end of the month.
Required: Prepare all necessary entries to record the sale and collection of cash at the end of the month.

Question

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The Answer of Penn sells cameras. On August 1, a customer purchases a camera for $5,700 on account. The camera cost Penn $2,500. Penn uses the periodic inventory method. The customer paid for the camera at the end of the month.
Required: Prepare all necessary entries to record the sale and collection of cash at the end of the month.

Penn Sells Cameras