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    sunfiregirl's Avatar
    sunfiregirl Posts: 11, Reputation: 1
    New Member
    		  
    #1

    Apr 9, 2008, 07:53 PM
    Adjusting entries for merchandise
    A review of the cash sales invoices determined that one sale of $450 (cost of merchandise $142) was unearned.
    This is saying that it has been recorded but have to undo the sale and you have the cash.

    Is this correct?
    Dr. Unearned sales
    Cr. Sales
    Dr. Inventory
    Cr. Cost of Goods Sold
    hamzashakaa's Avatar
    hamzashakaa Posts: 161, Reputation: 8
    Junior Member
    		  
    #2

    Apr 10, 2008, 01:36 AM
    Dr. Sales
    Cr. Unearned revenue (A liability account)
    Dr. Inventroy
    Cr. Cogs
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