On April Leaven Company sold $ of merchandise on account to Damper Corporation, terms FOB shipping point. Leaven's cost of sales for this merchandise was $ The merchandise left Leaven's facility on April and arrived at Damper on April Damper paid the invoice for the merchandise on April
Read the eavirements.
Requirement Prepare the journal entries for Leaven Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment from Damper Corporation. Assume that Damper Corporation takes the discount if payment is within the discount period. Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any journal entries.
Prepare the journal entry for the sale of the merchandise. Do not record the cost of the sale, we will do that in the next step.
Journal Entry
tableDateAccounts,Debit,CreditApril
