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-   -   Journalize transaction . (https://www.askmehelpdesk.com/showthread.php?t=518666)

  • Oct 20, 2010, 05:55 PM
    taiama123
    Journalize transaction .
    The following selected transactions were completed during July between Snap Company
    Snap Company sold merchandise on account to Buckle Co. $11,750,term FOB destination,2/15,n/eom. The cost of the merchandise sold was $7,000.
  • Oct 21, 2010, 04:19 PM
    pready

    Debit Accounts Receivable for the amount of sale
    Credit Sales Revnue for the amount of sale

    Debit COGS for the cost of merchandise
    Credit Merchandise Inventory for the cost of merchandise

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