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    taiama123's Avatar
    taiama123 Posts: 1, Reputation: 1
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    #1

    Oct 20, 2010, 05:55 PM
    Journalize transaction .
    The following selected transactions were completed during July between Snap Company
    Snap Company sold merchandise on account to Buckle Co. $11,750,term FOB destination,2/15,n/eom. The cost of the merchandise sold was $7,000.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Oct 21, 2010, 04:19 PM

    Debit Accounts Receivable for the amount of sale
    Credit Sales Revnue for the amount of sale

    Debit COGS for the cost of merchandise
    Credit Merchandise Inventory for the cost of merchandise
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