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    newmomma777's Avatar
    newmomma777 Posts: 1, Reputation: 1
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    #1

    Mar 16, 2014, 08:47 PM
    Accounting
    Prior company buys merchandise on account from wood company. The selling price of the goods is $900 an the cost of goods is $630. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. Prior company account/description debit credit wood company account/description debit credit (to record sale) (to record the cost of inventory)
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
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    #2

    Mar 17, 2014, 05:06 AM
    Why take accounting and not learn it properly? We don't do your homework much less journalize it for you. Think about credits and debits and who has what.
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