What are the journal entries for the following? December 14 Sold six Swift snowm

Question

What are the journal entries for the following?
December 14
Sold six Swift snowmobiles and six batteries to the Colfax Sno Katts for $59,094 plus sales tax (sales invoice number G3013). The club presented a certified check as payment in full for their new equipment.

Merchandise listed on the sales invoice.

Stock #.        Item.                            Qty
SW660.        Swift Enduro.               5

Net cost per unit
$5,940.00

Stock#.           Item.                            Qty
SW999.           Swift Arrow.                1

Net cost per unit
$9,900.00

Stock #.           Item.                                  Qty
A1150.             Super charger battery       6

Net cost per unit
$49.50

Explanation / Answer

Required journal entries are as prepared below:

Date Particulars L.F Amount ($) Amount ($) Dec-14 Cash 59,094 Merchandise Inventory 59,094 (For inventory sold) Dec-14 Cost of goods sold 39,897 Inventory 39,897 (For cost of goods sold recorded)

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