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    Tricia26's Avatar
    Tricia26 Posts: 1, Reputation: 1
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    #1

    Jul 29, 2007, 07:38 PM
    Inventory Journal Entries
    I need help with journal entries for inventory. If merchandise was sold for $12,800 and the cost of the inventory was $7,350, what is the journal entry?
    bhet's Avatar
    bhet Posts: 77, Reputation: 9
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    #2

    Jul 30, 2007, 01:24 AM
    Dr. Cash/accounts receivable 12800
    Cr. Sales 12800

    If PERPETUAL inventory system

    dr. cost of goods sold 7350
    Cr. Inventory 7350

    If PERIODIC inv system

    No entry is needed for cost of inventory
    JGF_333.'s Avatar
    JGF_333. Posts: 1, Reputation: 1
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    #3

    Oct 2, 2011, 03:10 AM

    CASH 12800

    CREDIT sALES 12800
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