Inventory Initial Selling Price: $1700 COS: $820 Due to damage, the inventory can now only be...
Inventory
Initial Selling Price: $1700
COS: $820
Due to damage, the inventory can now only be sold at $850
The damaged inventory is later sold to a customer for $850.
What are the journal entries related to these?
Homework Answers
Answer to Question :
| Sl no | Particulars | Debit($) | Credit($) |
| 1 | Account Receivable | 1700 | |
| To, Sales Revenue | 1700 | ||
| (Assumed that initially sold at Sales Price) | |||
| 2 | Cost of goods Sold | 820 | |
| To, Inventory | 820 | ||
| (To record cost of goods sold) | |||
| 3 | Sales Revenue | 1700 | |
| To,Account Receivable | 1700 | ||
| (Assume sales made returned due to damage goods) | |||
| 4 | Account Receivable | 850 | |
| To, Sales Revenue | 850 | ||
| (Being damaged inventory sold) |
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