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    sunfiregirl's Avatar
    sunfiregirl Posts: 11, Reputation: 1
    New Member
    		  
    #1

    Apr 9, 2008, 07:52 PM
    Adjusting entries
    A review of the cash sales invoices determined that one sale of $450 (cost of merchandise $142) was unearned.
    This is saying that it has been recorded but have to undo the sale and you have the cash.

    Is this correct?
    Dr. Unearned sales
    Cr. Sales
    Dr. Inventory
    Cr. Cost of Goods Sold
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Apr 10, 2008, 07:08 PM
    Dr. Sales 450 (take 450 out of revenue)
    Cr. Unearned Sales 450 (add 450 to unearned)

    Dr. Inventory 142
    Cr. COGS 142
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