South Meadows, Inc. sold 500 units of inventory at $25 per unit on account. The company uses the perpetual inventory system. The cost of the units sold was $10 per unit. Provide the journal entries to record the sale

What will be an ideal response


Accounts Receivable 12,500
Sales Revenue 12,500

Cost of Goods Sold 5,000
Merchandise Inventory 5,000

Note:
Sales Revenue = 500 units x $25 per unit = $12,500

Business

You might also like to view...

Websites often act as what type of report?

A) Analytical B) Informational C) Due diligence D) Interactive E) Planning

Business

How large a coalition gets is determined by a number of factors, but at some point they reach a "joining threshold." Briefly define a joining threshold.

What will be an ideal response?

Business

According to Maslow's theory, safety and social needs must be fulfilled after self-actualization needs

Indicate whether the statement is true or false

Business

Which of the following is an example of an extraordinary repair?

A. Replacement of all florescent light tubes in an office. B. Routine machine maintenance. C. Replacing the roof on a manufacturing warehouse. D. New tires for a truck. E. Carpet cleaning and repair.

Business