Clark Sales sold 450 units of product to a customer on account. The company uses the perpetual inventory system. The selling price was $28 per unit, and the cost, according to the company's inventory records, was $12 per unit
Provide the journal entries to record the sale.
What will be an ideal response
Accounts Receivable 12,600
Sales Revenue 12,600
Cost of Goods Sold 5,400
Merchandise Inventory 5,400
Note:
Sales Revenue = 450 units x $28 per unit = $12,600
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The §179 immediate expensing election phases out based upon a taxpayer's taxable income.
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What will be an ideal response?
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