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Tricia26
Jul 29, 2007, 07:38 PM
I need help with journal entries for inventory. If merchandise was sold for $12,800 and the cost of the inventory was $7,350, what is the journal entry?
bhet
Jul 30, 2007, 01:24 AM
Dr. Cash/accounts receivable 12800
Cr. Sales 12800

If PERPETUAL inventory system

dr. cost of goods sold 7350
Cr. Inventory 7350

If PERIODIC inv system

No entry is needed for cost of inventory
JGF_333.
Oct 2, 2011, 03:10 AM
CASH 12800

CREDIT sALES 12800