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Feb. 1. Sold Merchandise on credit to konner company, term n/30, FOB destination, $1,200. (cost=$720)?


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Old 07-13-2008, 06:30 AM
Eric Eric is offline
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Default Feb. 1. Sold Merchandise on credit to konner company, term n/30, FOB destination, $1,200. (cost=$720)?

Feb. 1. Sold Merchandise on credit to konner company, term n/30, FOB destination, $1,200. (cost=$720)?
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Old 07-13-2008, 06:30 AM
western western is offline
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Default Feb. 1. Sold Merchandise on credit to konner company, term n/30, FOB destination, $1,200. (cost=$720)?

General Ledger Entry:
February 1st, sold merchandise on credit to Konner Company, trade credit terms due in 30 days, Free on Board to buyers destination, for $1,200, [(cost $720) (Gross profit $480)].
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Old 07-13-2008, 06:30 AM
France France is offline
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Default Feb. 1. Sold Merchandise on credit to konner company, term n/30, FOB destination, $1,200. (cost=$720)?

Dr Accounts receivable 1,200
Cr Sales 1,200

Dr Cost of goods sold 720
Cr Merchandise inventory 720
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