Journalize the following transactions. Assume the perpetual inventory system. (Record debits first, then credits. Exclude explanations from journal entries.) December 4: Sold merchandise for $450 cash. The cost of merchandise was $350. Begin by journalizing the revenue from the sale of merchandise. Do not record the cost of the sale yet. We will do that in the following step.
Journalize the following transactions. Assume the perpetual inventory system. (Record debits first, then credits. Exclude explanations from journal entries.) December 4: Sold merchandise for $450 cash. The cost of merchandise was $350. Begin by journalizing the revenue from the sale of merchandise. Do not record the cost of the sale yet. We will do that in the following step.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journalize the following transactions. Assume the perpetual inventory system.
(Record debits first, then credits. Exclude explanations from journal entries. )
December
4: Sold merchandise for $450 cash. The cost of merchandise was
$350.
Begin by journalizing the revenue from the sale of merchandise. Do not record the cost of the sale yet. We will do that in the following step.
Transcribed Image Text:Journalize the following transactions. Assume the perpetual inventory system.
1 (Click the icon to view the transactions.)
(Record debits first, then credits. Exclude explanations from journal entries.)
December 4: Sold merchandise for $450 cash. The cost of merchandise was $350.
Begin by journalizing the revenue from the sale of merchandise. Do not record the cost of the sale yet. We will do that
the following step.
Journal Entry
Date
Accounts
PR
Dr.
Cr.
Dec.
i More Info
- X
201X
Dec. 4 Sold merchandise for $450 cash. The cost of merchandise was $350.
Now journalize the cost of the merchandise sold.
9 Purchased merchandise from Ree Co. on account, $3,300, F.O.B.
shipping point (buyer pays freight); terms 2/10, n/30. Freight to be paid
on December 20.
20 Paid freight on December 9 purchase, $110.
Journal Entry
Date
Аccounts
PR
Dr.
Cr.
Dec.
4
Print
Done
December 9: Purchased merchandise from Ree Co. on account, $3,300, F.O.B. shipping point (buyer pays freight); terms 2/10, n/30. Freight to be paid on December 20.
Journal Entry
Date
Accounts
PR
Dr.
Cr.
Dec.
9|
December 20: Paid freight on December 9 purchase, $110.
Journal Entry
Date
Accounts
PR
Dr.
Cr.
Dec.
20
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