Journalize the transaction: sold merchandise on account, 72,500 with terms 2/10, n/30. The cost of the merchandise sold was $43,500

Question

Journalize the transaction: sold merchandise on accoun, $72,500 with terms 2/10, n/30. The cost of the merchandise sold was $43,500

Answer 1

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dr. Accounts receivable . . 72,500

cr.  . . Sales revenue. .  . . . . . . 72,500

 

dr. .Cost of goods sold . . .43,500

cr.  . . . .Merchandise . . . . . . . .43,500