Journal entire for transaction June 18 June 18 Two Water Dancer personal watercr
ID: 2451557 • Letter: J
Question
Journal entire for transaction June 18
June 18
Two Water Dancer personal watercraft and a Starlight Trailer were sold on account to Sierra Jet Set. The items, with the net cost price of each shown below, were sold at a retail selling price of net cost plus 25%. Remember to include the sales tax. Invoice Number: G4018. Customer Number: 11850.
Merchandise listed on the sales invoice:
Stock Number............Item...........Quantity.............Net Cost Per Unit
A900R......WATER DANCER ROCKET.......2.......$7,425.00 ...........
AL600.......STARLIGHT TRAILER D.......1.......$891.0
Explanation / Answer
Solution:
Preparation of Sales Invoice:
Transaction Detailed by Account
On June 18
Type Memo Debit Credit Balance
Accounts Receivables
Invoice A/c A900R 7,425 0.00 7,425
Total Accounts Receivables
Sales Tax Payable
Invoice A900R 0.00 0.00
Total Sales Tax Payable 0.00
Retaile Sales
Invoice A900R 0.00 0.00 0.00
Total Sales Retaile 7,425
Inventory Asset
General Journal A900R 0.00
Total General Account 7,425 0.00
Cost of Goods Sold
General Journal A900R 7,425 7,425
Total Cost of Goods Sold 0.00 0.00
Total 14,850 14,850
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