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Stellar sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,010 (cost $601) on credit with terms 2/30, net/90.
Stellar sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,010 (cost $601) on credit with terms 2/30, net/90. Prepare the journal entries for the sale of 20 grills on September 1, 2020, and upon payment, assuming the customer paid on (1) September 25, 2020, and (2) October 15, 2020. Assume the company records sales net. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation (1) Sep. 1, 2020 Accounts Receivable Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Sep. 25, 2020 Cash Accounts Receivable (2) Sep. 1, 2020 Cost of Goods Sold Inventory (To record sales) Cost of Goods Sold Inventory Debit
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