question archive Billie sold two end tables and a coffee table to Quality Furniture in the total amount of $996
Billie sold two end tables and a coffee table to Quality Furniture in the total amount of $996
Subject:AccountingPrice: Bought3
- Billie sold two end tables and a coffee table to Quality Furniture in the total amount of $996.40 on account (Form 18). Make a journal entry to record the sale and make a journal entry to remove the cost of the furniture from inventory and move it to COGS. Post to the G/L.
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Sales Invoice
Sold to Quality Furniture
Received on Account
Quantity Articles Amount
1 CTB-0007 Coffee Table $425.00
1 ETB-0003 End Table $245.00
1 ETB-0006 End Table $270.00
Sub Total $940.00
Tax $56.40
Total $996.40
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Merchandise Inventory Valuation as of June 2020
Item Number Description Number of Items Amount Total Amount
CTB- 0007 Coffee Table 6 $90.00 $540.00
ETB-0003 End Table 3 $45.00 $135.00
ETB-0006 End Table 4 $55.00 $220.00
I must journal entry to record the sale, and I must make a journal entry to remove the cost of the furniture from inventory and move it to COGS.
