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What is the cost of goods sold? Debit Credit 2-May Inventory 4,200 Accounts Payable 4,200 (purchased on account terms 2/10, n/30) 3-May Inventory 290 Cash
What is the cost of goods sold?
Debit | Credit | |||
2-May | Inventory | 4,200 | ||
Accounts Payable | 4,200 | |||
(purchased on account terms 2/10, n/30) | ||||
3-May | Inventory | 290 | ||
Cash | 290 | |||
(to record payment of freight cost) | ||||
5-May | Accounts Payable | 350 | ||
Inventory | 350 | |||
(to record purchase return) | ||||
10-May | Accounts Payable | 3,850 | ||
Inventory | 77 | |||
Cash | 3,773 | |||
(to record payment made) | ||||
30-May | Receivable | 4,900 | ||
Sales Revenue | 4,900 | |||
(to record sales of inventory) | ||||
30-May | Cost of Goods Sold | |||
Inventory | ||||
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