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  • Jul 29, 2007, 07:38 PM
    Tricia26
    Inventory Journal Entries
    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?
  • Jul 30, 2007, 01:24 AM
    bhet
    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
  • Oct 2, 2011, 03:10 AM
    JGF_333.

    CASH 12800

    CREDIT sALES 12800

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