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Is this journal entry correct for the line item, column #3 is just notes- February 20: Mr. Burns sold his delicious cookies to Candy Store on account $300,000.  Mr. Burns offered terms 2/20, n40.  The cost of merchandise sold was $150,000 20-Feb Accounts Receivable- Candy Store    $       294,000   2/20 n40   Sales Revenue      $       294,000     Cost of Goods Sold    $       150,000   COGS $150K   Inventory- cookie dough      $       150,000

Is this journal entry correct for the line item, column #3 is just notes- February 20: Mr. Burns sold his delicious cookies to Candy Store on account $300,000.  Mr. Burns offered terms 2/20, n40.  The cost of merchandise sold was $150,000 20-Feb Accounts Receivable- Candy Store    $       294,000   2/20 n40   Sales Revenue      $       294,000     Cost of Goods Sold    $       150,000   COGS $150K   Inventory- cookie dough      $       150,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Is this journal entry correct for the line item, column #3 is just notes- February 20: Mr. Burns sold his delicious cookies to Candy Store on account $300,000.  Mr. Burns offered terms 2/20, n40.  The cost of merchandise sold was $150,000

20-Feb Accounts Receivable- Candy Store    $       294,000   2/20 n40
  Sales Revenue      $       294,000  
  Cost of Goods Sold    $       150,000   COGS $150K
  Inventory- cookie dough      $       150,000  
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