Question

1. Record the Journal Entry for this transaction: Sold painting supplies to customers for $9250 cash....

1. Record the Journal Entry for this transaction:

Sold painting supplies to customers for $9250 cash. The cost of the inventory sold was $5100.

2. Record the adjusted journal entry for this transaction:

The prepaid rent expense on the balance sheet ($10,000) represents rent for two years for the rental period beginning on Jan 1, 2019. Record the rent that was consumed during 2019.

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Answer #1

Journal entry,

[COGS = Cost of goods sold]

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