a) The primary source document for recording cash sales is cash register tapes and for credit sales, it is a sales invoice.
The information on cash register tapes distinctly identifies the retailer. This often comes first and is situated at the top of the receipt. The merchant's name, business address, and phone number are typically listed.
A sales invoice is a statement that you send to your customers and ask them to pay. Accounting transactions include sales invoices. The system changes the receivable and records income against a customer account upon receipt of a sales invoice.
b) using XXS for amounts, the journal entry for each of the transactions in part (a), assuming perpetual inventory
Cash Sales -
Cash DR
Sales Revenue CR
(to record sales)
Cost of Goods Sold DR
Inventory CR
(to record cost of goods sold)
vice versa for credit*
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