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    Tom12345678910's Avatar
    Tom12345678910 Posts: 2, Reputation: 1
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    #1

    Apr 3, 2009, 08:02 AM
    Journal entry
    Merchandise sold is shipped to Roux Company,terms 2/10 N/30. The selling price is 15,000. Gross profit on this sale is 35%. Can you give me the journal entry for this transaction please?
    Tom12345678910's Avatar
    Tom12345678910 Posts: 2, Reputation: 1
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    #2

    Apr 3, 2009, 08:07 AM

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    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Apr 4, 2009, 04:35 PM

    Debit Accounts Reveivable for 15,000
    Credit Sales Revenue for 15,000

    Debit COGS for 9,750 (15,000 * 65%)
    Credit Inventory Account for 9,750
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