How do I journalize this transaction? Mountain Swirl Ice Cream purchased and took delivery of one ice
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How do I journalize this transaction? Mountain Swirl Ice Cream purchased and took delivery of one ice cream machine for $7,500. Record the sale and the cost of the sale. Markup is 150% of cost. Transfer cost from Finished Goods to Cost of Goods Sold. This is how I journalized it, can you tell me if I am correct?
A/R - Mountain Swirl Ice Cream Debit 7,500
SalesCredit 7,500
COGS Debit 3,000
Finished Goods Credit 3,000
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