August 15th, your customers bought 9,000 units of your product at $129 per unit. The cost...
August 15th, your customers bought 9,000 units of your product at $129 per unit. The cost of this product is determined by the method of inventory valuation used by your company. Customers paid you 45% in cash and the remainder was on account. What is the journal entry(s)?
Homework Answers
Total sales = 9000 * $129 = $1,161,000
of which 45% were in cash i.e, 1161000 * 45% = $522,450
So the sales made on credit basis
= 1161000 - 522450
= $638,550
Now the journal entry is
| August 15 | Cash | $522,450 | |
| Accounts receivable | $638,550 | ||
| Sales revenue | $1,161,000 | ||
| (To record the sales) |
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