Cosmic Corporation had the following transactions in June: More Info Jun. 1 Sold merchandise inventory on account
Question:
Cosmic Corporation had the following transactions in
June:
More Info
Jun. 1 | Sold merchandise inventory on account to Cody Company, $1,485. |
---|---|
Jun. 6 | Sold merchandise inventory for cash, $560. |
Jun. 12 | Received cash from Cody Company in full settlement of its accounts receivable. |
Jun. 20 | Sold merchandise inventory on account to Indigo Company, $740. |
Jun. 22 | Sold merchandise inventory on account to Demann Company, $245. |
Jun. 28 | Received cash from Indigo Company in partial settlement of its accounts receivable, $500. |
Requirement 1. Journalize the transactions. Ignore Cost of Goods Sold. Omit explanations. (Record debits first, then credits. Exclude explanations from journal entries.)
Jun.
1: Sold merchandise inventory on account to
Cody
Company,
$1,485.
Date | Accounts and Explanation | Debit | Credit | ||
Jun. 1 | |||||
Jun.
6: Sold merchandise inventory for cash,
$560.
Date | Accounts and Explanation | Debit | Credit | ||
Jun. 6 | |||||
Jun.
12: Received cash from
Cody
Company in full settlement of its accounts receivable.
Date | Accounts and Explanation | Debit | Credit | ||
Jun. 12 | |||||
Jun.
20: Sold merchandise inventory on account to
Indigo
Company,
$740.
Date | Accounts and Explanation | Debit | Credit | ||
Jun. 20 | |||||
Jun.
22: Sold merchandise inventory on account to
Demann
Company,
$245.
Date | Accounts and Explanation | Debit | Credit | ||
Jun. 22 | |||||
Jun.
28: Received cash from
Indigo
Company in partial settlement of its accounts receivable,
$500.
Date | Accounts and Explanation | Debit | Credit | ||
Jun. 28 | |||||
Horngrens Accounting The Financial Chapters
ISBN: 9780136162186
13th Edition
Authors: Tracie Miller Nobles, Brenda Mattison