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-   -   Accounting Equation - Sold merchandise (https://www.askmehelpdesk.com/showthread.php?t=733833)

  • Feb 12, 2013, 02:03 PM
    Straga
    Accounting Equation - Sold merchandise
    "Merchandise was sold on credit for R9000. The goods were originally bought for R6000". Is this an asset,liability or owners equity?
  • Feb 12, 2013, 10:36 PM
    pready
    Your accounts will be: Merchandise Inventory (Asset), Accounts Receivable (Asset), Cost of Goods Sold (Income Statement which flows through to Owners Equity), and Sales Revenue Income Statement which flows through to Owners Equity).

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