Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells...
Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $14,500 cash plus 4 percent sales tax. The clock had originally cost GCI $10,500. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCI uses a perpetual inventory system.
1.) Record the sales revenue journal entry of $14,500 plus 4 percent sales tax.
2.) Record the cost of goods sold journal entry of $10,500.
Homework Answers
| No. | Account Titles and Explanation | Debit | Credit |
| 1. | Cash | 15080 | |
| Sales revenue | 14500 | ||
| Sales tax payable (14500*4%) | 580 | ||
| 2. | Cost of goods sold | 10500 | |
| Finished goods | 10500 | ||
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