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    grimmy7's Avatar
    grimmy7 Posts: 1, Reputation: 1
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    #1

    Apr 4, 2013, 02:18 PM
    Basic Accounting Journalize
    How would I enter something like this into a journal?

    Sold merchandise on account to members $1,210, terms n/30. The merchandise sold had a cost of $760.
    Thank you!!
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Apr 4, 2013, 06:36 PM
    You have two journal entries here.
    1. to record the sale and your accounts will be; Accounts Receivable and Sales Revenue.

    2. to record the cost of merchandise sold and your accounts will be; Cost of Goods Sold and Merchandise Inventory.
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