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-   -   Adjusting entries for merchandise (https://www.askmehelpdesk.com/showthread.php?t=204262)

  • Apr 9, 2008, 07:53 PM
    sunfiregirl
    Adjusting entries for merchandise
    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
  • Apr 10, 2008, 01:36 AM
    hamzashakaa
    Dr. Sales
    Cr. Unearned revenue (A liability account)
    Dr. Inventroy
    Cr. Cogs

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