Question

On Feb. 4, 2020 Meyers sold $800 of merchandise on account. The merchandise cost Meyers $600....

On Feb. 4, 2020 Meyers sold $800 of merchandise on account. The merchandise cost Meyers $600. On February 16, 2020 Meyers received $800 from the customer.

What is the journal entries for this problem? (Revenue Recognition)

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Answer #1
Date Account Titles Debit Credit
Feb-04 Accounts Receivable $         800.00
        Sales Revenue $           800.00
Cost of Goods Sold $         600.00
        Inventory $           600.00
Feb-16 Cash $         800.00
      Accounts Receivable $           800.00
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