Q13. Gross profit Entity A sold 200 units of merchandise in cash at a selling price of $50 per unit. Entity A purchased merchandise at
Category: Journal Entry Examples
Q12. Cost of goods sold Entity A sold 100 units of merchandise in cash at a selling price of $17 per unit. The purchase cost
Q11. Sale of merchandise Entity A sold merchandise at the price of $26,000 on account. Prepare a journal entry to record this transaction. A11. Sale
Q10. Purchase of merchandise Entity A purchased 100 units of merchandise at $8,300 on account. Prepare a journal entry to record this transaction. A10. Purchasing
Q9. Cash payment What does a journal entry look like when cash is paid? A9. A decrease in cash is recorded on the credit side
Q8. Cash receipt What does a journal entry look like when cash is received? A8. An increase in cash is recorded on the debit side