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On March 10, Sugimoto Household Goods sells 2,000 boxes of toothpaste to Wong DDS for $6,000. Sugimoto's cost is $1 per box. Payment terms are 1/5,n/30. Shipping terms are FOB Destination. Prepare the journal entry to record Wong's purchase. DR: CR: Prepare the journal entry to record Sugimoto's sale. DR: CR: DR: CR: Account name examples: Inventory Accounts Receivable Cost of Goods Sold Revenue Sales Returns and Allowances Accounts Payable Cost of Goods Sold Shipping Expense or Freight Expense Loss on Defective Merchandise
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On March 10, Sugimoto Household Goods sells 2,000 boxes of toothpaste to Wong DDS for $6,000. Sugimoto's cost is $1 per box. Payment terms are 1/5,n/30. Shipping terms are FOB Destination. Prepare the journal entry to record Wong's purchase. DR: CR: Prepare the journal entry to record Sugimoto's sale. DR: CR: DR: CR: Account name examples: Inventory Accounts Receivable Cost of Goods Sold Revenue Sales Returns and Allowances Accounts Payable Cost of Goods Sold Shipping Expense or Freight Expense Loss on Defective Merchandise
