• 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.