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    itsme0775's Avatar
    itsme0775 Posts: 4, Reputation: 1
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    #1

    Feb 27, 2012, 06:27 PM
    Journal entries
    Sales totaling 18,000 were made to customers. 60% was collected this quarter and rest paid next quarter. The goods that was sold had cost the company $13,000 when they were purchased, what is the journal entry?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Feb 27, 2012, 07:06 PM
    Debit Cash for 18,000 * 60%
    Debit Accounts Receivalbe for 18,000 * 40%
    Credit Sales Revnue for 18,000

    Debit Cost of Goods Sold for 13,000
    Credit Merchandise Inventory or other appropriate account for 13,000
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