Record journal entries for the following sales transactions of Flower Company. Oct. 12 Oct. 21 Oct. 31
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Record journal entries for the following sales transactions of Flower Company.
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Oct. 12 Oct. 21 Oct. 31 Sold 25 bushels of flowers to a customer for $1,000 cash; cost of sale $700. Sold 40 bushels of flowers for $30 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $20 to Flower Company. Received payment in full from the October 21 sale.
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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