Pete's parlor started business on January 1, 20XX. During January, Pete's sold watches costing...
Question:
Pete's parlor started business on January 1, 20XX. During January, Pete's sold watches costing the company a total of $ 63,000 to produce. Prepare the journal entry for this transaction.
Journal Entry:
Journal entry is made throughout the period to record the financial transactions entered by the company. It is recorded in the general journal in chronological order, presenting the accounts and amounts involved in a debit and credit.
Answer and Explanation: 1
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| Date | Accounts | Debit | Credit |
|---|---|---|---|
| Jan x | Accounts Receivable | xxx | |
| Sales | xxx | ||
| "to record the sale" | |||
| Cost of Goods Sold | 63,000 | ||
| Inventory | 63,... |
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Journal Entries and Trial Balance in Accounting
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Chapter 3 / Lesson 10
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Discover the meaning of a journal entry and a trial balance, types of journal entries, how a general ledger differs from a trial balance, and some examples.
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