19 Apple C Made Net Sale la Search of Finan 1 Test Exam 2 C

19 Apple C Made Net Sale ? la Search of Finan (1) Test: Exam 2 Chapter 5-8 5 or 31 This Test: 100 pts posst 8. Smart Sept 12: Sold computers on account for $11,500 to a customer, tems 215, n/45 The cost of the computers is $7.140 Sept 12 is $7.140 The cost of the Receved payment om the customer on balance due 2 A2 DOLL

Solution

Journal entry :

Date	account & explanation	debit	credit
Sep 12	Account receivable	11900
	Sales revenue		11900
	(To record sales)
	Cost of goods sold	7140
	Merchandise inventory		7140
	(To record cost of goods sold)
Sep 26	Cash (11900*98%)	11662
	Sales discount	238
	Account receivable		11900
	(To record balance received)