jan 20 sold $4,300 of furniture on account, credit terms are 1/10, n/45, fob destination, to salt lake city…

jan 20 sold $4,300 of furniture on account, credit terms are 1/10, n/45, fob destination, to salt lake city furniture. cost of goods is $2,150. begin by preparing the entry to journalize the sale portion of the transaction. do not record the expense related to the sale. we will do that in the following step. date accounts debit credit jan 20

jan 20 sold $4,300 of furniture on account, credit terms are 1/10, n/45, fob destination, to salt lake city furniture. cost of goods is $2,150. begin by preparing the entry to journalize the sale portion of the transaction. do not record the expense related to the sale. we will do that in the following step. date accounts debit credit jan 20

Answer

Explanation:

Step1: Identify accounts affected

When selling on - account, accounts receivable is debited and sales revenue is credited. Debit: Accounts Receivable - Salt Lake City Furniture, Credit: Sales Revenue

Step2: Determine amounts

The selling price of the furniture is $4,300. So, debit Accounts Receivable for $4,300 and credit Sales Revenue for $4,300.

Answer:

Date Accounts Debit Credit
Jan 20 Accounts Receivable - Salt Lake City Furniture $4,300
Jan 20 Sales Revenue $4,300