Cost of Goods Sold

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Oct 8, 2007, 04:17 PM

greeniiz123

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Join Date: Oct 2007

Posts: 1

Cost of Goods Sold

I am a 1st year accounting major. I have to do a project for class.
I have an invoice for lets say $3,000. The cost of goods sold for that invoices is
$1,200. How does this get posted in the Sales Journal. ?
Debit A/R $3,000 I credit the $3,000 to Inventory. What does the cost of goods get posted to?
Same problem with Cash Receipts Journal. I receive a payment for $5,000 so I debit Cash and Credit Accounts Receivable but i know the cost of goods sold amount is $2,000 how does it get posted?

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