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26 October, 16:16

On March 2, Kingbird, Inc. sold $954,000 of merchandise on account to Ayayai Company, terms 4/10, n/30. The cost of the merchandise sold was $590,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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  1. 26 October, 17:25
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    Following Journal Entries are recorded for Kingbird, Inc

    Explanation:

    March 02

    Debit: Account Receivable = $954,000

    Credit: Sale = $954,000

    (Credit Sale is Recorded)

    Debit: Cost of Good Sold = $590,000

    Credit: Inventory = $590,000

    (To Record Cost of merchandise Sold)
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