7 May 1 Sold inventory on account for $175,000. The cost of the inventory was $40,000....
| 7 | May 1 |
Sold inventory on account for $175,000. The cost of the inventory was $40,000. Also, paid a sales commission on this sale of $10,000. Create journal entry |
||
Homework Answers
| Date | Account title | Debit | Credit |
| May-01 | Accounts receivable | $ 175,000 | |
| Sales | $ 175,000 | ||
| (To record sales on account) | |||
| Cost of goods sold | $ 40,000 | ||
| Inventory | $ 40,000 | ||
| (To record cost of goods sold) | |||
| Sales commission | $ 10,000 | ||
| Cash | $ 10,000 | ||
| (To record payment of sales commission) |
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7
May 1
Sold inventory on account for $175,000. The cost of the
inventory was $40,000....
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how do i find cost of goods sold and finished goods
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sold inventory with a cost of $1,000,000 to Sub Co for $1,100,000
during Year 1. The Year 1 ending inventory of Sub Co included goods
purchased from Parent Co for $660,000. Sub Co had a remaining
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