On November 1, 2016, Everett Janitorial Supply sold merchand
On November 1, 2016, Everett Janitorial Supply sold merchandise with a cost of $3,200 for $5,000, FOB destination, and payment terms of 2/10, n/30. The company uses a perpetual inventory system. Give journal entries to record the sales revenue.
What will be an ideal response
ANSWER
Accounts Receivable 5,000
Sales Revenue 5,000
Cost of Goods Sold 3,200
Merchandise Inventory 3,200
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