Sage Ranch & Pricdng and cost information on three of Sage\'s most popular produ

Question

Sage Ranch & Pricdng and cost information on three of Sage's most popular producsr its sdlty products,s select farm implement stores carry Sage's products Item $3,400 ($2,200) 1,300 (800) 14,000 (11,300) Power fence hole auger Grain/hay dryer to the r On January 1, 2017, Sage sells 30 augers to Mills Far & Fleet for $39,000-si s signs a 6 month note at an annual interest ate of 12% Sage allo s Hills to return any auger that it cannot use within 50 days and receive a full refund. Based on prior experience, Sage estimates that 5% of units sold to customers like Mils will be returned outcome approach Sage's costs to recover the products wbe immaterial, and the returned augers are expected to be resold at a profit. Prepare the urnal entry for age on January 1, 2017. (Credit account titles are automati for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record sales) earch

Explanation / Answer

Particulars Debit Credit Jan 1, 2017 Sales revenue 39,000.00           Accounts receivables 39,000.00 (to record sales) Inventory 24,000.00 30*800           Cost of goods sold 24,000.00 (to record the cost of goods sold)

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