Cha Company buys merchandise on account from Wirtz Company. The selling price of the goods is...
Cha Company buys merchandise on account from Wirtz Company. The
selling
price of the goods is $780, and the cost of the goods is $470. Both
companies use perpetual
inventory systems. Journalize the transaction on the books of both
companies.
Homework Answers
In books of Cha company.
| S.No | Account Titles and Details | Debit | Credit |
| 1 | Inventory | $780 | |
| Accounts Payable - (Wirtz company) | $780 | ||
| (being Inventory purchased on account) |
In the books of Wirtz company
| S.No | Account Titles and Explanation | Debit | Credit |
| 1 | Accounts receivable-(Cha company) | $780 | |
| Sales Revenue | $780 | ||
| (To record sales on account) | |||
| 2 | Cost of goods sold | $470 | |
| Inventory | $470 | ||
| (To record cost of merchandise sold) |
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