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    KAT4's Avatar
    KAT4 Posts: 6, Reputation: 1
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    #1

    Feb 9, 2007, 05:54 PM
    Periodic inventory
    What is the journal entry for this under the periodic inventory system:

    Sold goods on account for $21,000 and made cash sales of $18,000.

    This is what I think it is. Is this correct or is there more to it?

    Dr. Cash 18,800
    Dr. A/R 21,000
    Cr. Sales 39,800
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Feb 10, 2007, 02:34 PM
    Making Cash Sales of 18,000

    Dr. Cash 18,000
    Cr. Sales 18,000

    Making AR Sale of 21,000
    Dr. AR 21,000
    Cr. Sales 21,000

    Or,
    Dr. Cash 18,000
    Dr. AR 21,000
    Cr. Sales 39,000

    How did you get 18,800 for cash?
    KAT4's Avatar
    KAT4 Posts: 6, Reputation: 1
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    #3

    Feb 10, 2007, 04:08 PM
    Sorry, it was a typo, the amount in the question was supposed to be $18,800 not $18,000.
    Thank you for all of your help! You have helped me a lot!
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #4

    Feb 10, 2007, 04:22 PM
    You're welcome.

    Then if it was for 18,800, then your answer is correct.

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