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    Imhiding's Avatar
    Imhiding Posts: 14, Reputation: 1
    New Member
     
    #1

    Oct 4, 2011, 01:53 PM
    What are the journal entries for: Sold inventory costing $62,000 for $81,000 to custo
    What are the journal entries for:
    (1)Sold inventory costing $62,000 for $81,000 to customers on account to be paid at a later date.
    Cost of Goods Sold - $62,000
    Inventory - $62,000
    Accounts Receivable - $19,000
    Sales Revenue $ 19,000
    I am confused also on this one:
    (2) Sold inventory to costing $32,000 for $43,000 to customers for cash
    Cash $ 32,000
    Sales Revenue $ 32,000
    Costs of Goods Sold $11,000
    Inventory $ 11,000
    (3) Paid $150,000 of accounts payable for inventory purchased on July 13:
    Inventory $150,000
    Accounts Payable $ 150,000

    Do I have the journal entries correct and ready for the T-accounts for the Final Balance?

    Hopefully I understand this part of the accountimg, if not , any tips?

    Thanks

    Suan Tacker
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #2

    Oct 4, 2011, 07:26 PM
    1. Your Accounts Receivable and Sales revenue should be $81,000

    2. Your Cash and Sales revenue should be $43,000
    Your Cost of Goods Sold and Inventory should be $32,000

    3. Your Debit will be to Accounts Payable and your Credit will be to Cash

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