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On May 1, Ahmed Company sold merchandise in the amount of BD 7,400 to Yousif, with credit terms of 2/10, n/30. The cost of the
On May 1, Ahmed Company sold merchandise in the amount of BD 7,400 to Yousif, with credit terms of 2/10, n/30. The cost of the items sold is BD 5,000. Shilling uses the inventory system.
The journal entry or entries that Ahmed will make on May 1 is (are):
- Dr. Sales 7,400
Cr. Accounts receivable 7,400
- Dr. Sales 7,400
Cr. Accounts receivable 7,400
- Dr. Cost of goods sold 5,000
Cr. Merchandise inventory 5,000
- Dr. Accounts receivable 7,400
Cr. Sales 7,400
Dr. Cost of goods sold 5,000
Cr. Merchandise inventory 5,000
- Dr. Accounts receivable 5,000
Cr. Sales 5,000
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