Homework Answers
1.
| Journal Entry | |||
| Date | Accounts | Debit | Credit |
| Dec. 19 | Inventory | $816 | |
| Accounts payable | $816 | ||
Inventory = Number of units sold x cost price per unit
= 16 x 51
= $816
2.
| Journal Entry | |||
| Date | Accounts | Debit | Credit |
| Dec. 28 | Accounts receivable | $1,212 | |
| Sales | $1,212 | ||
Sales = Number of units sold x cost price per unit
= 12 x 101
= $1,212
| Journal Entry | |||
| Date | Accounts | Debit | Credit |
| Dec. 28 | Cost of goods sold | $612 | |
| Inventory | $612 | ||
Cost of goods sold on December 31 = Number of units sold x cost price per unit
= 12 x 51
= $612
Kindly comment if you need further assistance. Thanks‼!
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