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    yeshua68's Avatar
    yeshua68 Posts: 8, Reputation: 1
    New Member
    		  
    #1

    Jun 29, 2009, 03:52 PM
    Journal Entry
    I have two journal entries I need help with.

    Merchandise that cost $850 was sold for $965 in cash

    Inventory costing $700 was purchased; cash of $500 was paid and the balance is due in 45 days.
    plonak's Avatar
    plonak Posts: 742, Reputation: 117
    Senior Member
    		  
    #2

    Jun 29, 2009, 07:01 PM

    First question has two entries

    Cash debit 965
    Revenue credit 965

    COGS debit 850
    Merchandise credit 850

    Second scenerio

    Inventory debit 700
    Cash credit 500
    Accounts payable credit 200
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