What are the journal entries for:
(1)Sold inventory costing $62,000 for $81,000 to customers on account to be paid at a later date.
Cost of Goods Sold - $62,000
Inventory - $62,000
Accounts Receivable - $19,000
Sales Revenue $ 19,000
I am confused also on this one:
(2) Sold inventory to costing $32,000 for $43,000 to customers for cash
Cash $ 32,000
Sales Revenue $ 32,000
Costs of Goods Sold $11,000
Inventory $ 11,000
(3) Paid $150,000 of accounts payable for inventory purchased on July 13:
Inventory $150,000
Accounts Payable $ 150,000

Do I have the journal entries correct and ready for the T-accounts for the Final Balance?

Hopefully I understand this part of the accountimg, if not , any tips?

Thanks

Suan Tacker

1. Your Accounts Receivable and Sales revenue should be $81,000

2. Your Cash and Sales revenue should be $43,000
Your Cost of Goods Sold and Inventory should be $32,000

3. Your Debit will be to Accounts Payable and your Credit will be to Cash