Sheri Corporation purchased inventory costing $150,000 and sold 75% of the goods for $202,500. All purchases and sales were on account. Sheri later collected 20% of the accounts receivable.

Sheri Corporation purchased inventory costing $150,000 and sold 75% of the goods for $202,500. All purchases and sales were on account. Sheri later collected 20% of the accounts receivable. Assume that sales refurns are nonexistent. Read the reguirements. Journalize the sale. Record the cost of goods sold portion of the sale