Posted Jun 10, 2018 7:43 AM Week four of the accounting cycle project starts tod

Question

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

Explanation / Answer

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

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