Brief Exercise 8-2 No. Account Titles and Explanation Debit Credit (To record sa

Question

Brief Exercise 8-2

No.

Account Titles and Explanation

Debit

Credit

(To record sales)

(To record cost of goods sold)

SHOW LIST OF ACCOUNTS

LINK TO TEXT

SAVE FOR LATER

SUBMIT ANSWER

Brief Exercise 8-2

Vaughn Company uses a perpetual inventory system. Its beginning inventory consists of 80 units that cost $54 each. During June, (1) the company purchased 240 units at $54 each, (2) returned 10 units for credit, and (3) sold 200 units at $80 each.

Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

(1)

(2)

(3)

(To record sales)

(To record cost of goods sold)

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Question Attempts: 0 of 3 used

SAVE FOR LATER

SUBMIT ANSWER

Explanation / Answer

Journal entry ;

Date accounts & explanation debit credit 1) Merchandise inventory a/c (240*54) 12960 Account payable a/c 12960 (To record purchase) 2) Account payable a/c 540 Merchandise inventory a/c (10*54) 540 (To record return) 3) Account receivable a/c (200*80) 16000 Sales revenue a/c 16000 (To record sales) Cost of goods sold a/c (200*54) 10800 Merchandise inventory a/c 10800 (TO record cost of goods sold)

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