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15 May, 09:51

On September 12, Vander Company sold merchandise in the amount of $8,200 to Jepson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,200. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is:

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  1. 15 May, 10:27
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    Debit Credit

    Accounts Receivable 8,200

    Merchandise sold 8,200

    Cost of goods sold 5,200

    Inventory 5,200

    The first entry is the recording the sale by crediting the merchandise being sold and debiting accounts receivable as the sale is on credit

    The second entry is recording the costs of good sold by debiting it and the decrease in inventory of 5,200 by crediting it
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Home » Business » On September 12, Vander Company sold merchandise in the amount of $8,200 to Jepson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,200.
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