Sold merchandise for 300,000 for cash ( cost 60% of selling price )

You will have two journal entries (one for the sale and one for the cost of merchandise) or one compound journal entry.

For the sale you will Debit Cash for the amount received and Credit Sales Revenue for the amount of the sale.

For the cost of merchandise you will Debit Cost of Goods Sold for 60% of the selling price and Credit Merchandise Inventory for the same amount


For the compound journal entry simply combine the 2 journal entries into 1 journal entry.