Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step.

Now journalize the expense related to the February $3$ sale$-$Cost of goods, $$3,000.$

Feb. $3$ Herbert sold $$10,000$ of craft supplies on account, credit terms are $2/10,$

$\frac{n}{30},$ to Quill Quilts. Cost of goods is $$3,000.$

Feb. $23$ Herbert received payment from Quill Quilts on the amount due.

Feb. $23$: Herbert received payment from Quill Quilts on the amount due.

Part $2$

Now journalize the expense related to the February $3$ sale$$Cost of$$ goods, $$3,000.$

Date

Accounts

Debit