Posted Jun 10 2018 743 AM Week four of the accounting cycle

Posted Jun 10, 2018 7:43 AM Week four of the accounting cycle project starts today Here are instructor provided journal entries 6 B. You should record these as if they occurred today Today you sold inventory on account for $18,000. The cost of the inventory was $10,000 Today you sold all of the land you own for $20,000 cash Today a friend/employee did some administrative work for you. Your\'re going to pay him $300 next month o Label this \"Given-6 in the journal entry number Label this \"Given-7\" in the journal entry number Label this \"Given-8\" in the journal entry number

Solution

Debit Credit 6 Accounts receivable 18000             Service revenue 18000 Cost of goods sold 10000              Inventory 10000 7 Cash 20000              Land 20000 8 Salaries and wages expense 300             Salaries and wages payable 300