requirement 1. journalize the transactions. ignore cost of goods sold. omit explanations. (record debits…

requirement 1. journalize the transactions. ignore cost of goods sold. omit explanations. (record debits first, then credits. exclude explanations from journal entries.)\njun 1 sold merchandise inventory on account to crocker company, $1,460\n\n\n\n\n\n\njun 6 sold merchandise inventory for cash, $640\n\n\n\n\n\n\n

requirement 1. journalize the transactions. ignore cost of goods sold. omit explanations. (record debits first, then credits. exclude explanations from journal entries.)\njun 1 sold merchandise inventory on account to crocker company, $1,460\n\n\n\n\n\n\njun 6 sold merchandise inventory for cash, $640\n\n\n\n\n\n\n

Answer

Explanation:

Step1: Analyze the transaction

When merchandise is sold for cash, Cash (an asset) increases and Sales Revenue (a revenue account) increases.

Step2: Record the journal entry

Debit Cash (since assets increase with debits) and credit Sales Revenue (since revenues increase with credits). The amount is $640.

Answer:

Date Accounts Debit Credit
Jun 6 Cash 640
Sales Revenue 640