March $7$: Sold $$500$ of merchandise to Mcknat, Inc., on account. Do not record the cost of goods sold entry yet. We will do that in the next step.

$\backslash$table$[[$Journal Entry,,$],[$Date$,$Accounts,Debit,Credit$],[$Mar $7,,,],[,,,],[,,,],[,,,],[,,,]]$

Now record the cost of goods sold for the sale of merchandise on March $7.$

Journal Entry

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$Mar $7,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

March $15$: Whitney Company paid the balance of what it owed for the purchase on March $3.$

Journal Entry

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$Mar $15,,,],[,,,],[,,,],[,,,$