Question

jan 4 sold $15,000 of furniture on account, credit terms are 1/15, n/30, to akron furniture store. cost of goods is $7,500. 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 4

Explanation:

Step1: Identify accounts affected

When selling on - account, accounts receivable increases (debit) and sales revenue increases (credit).
Accounts Receivable - Akron Furniture Store is debited for the amount of the sale. Sales Revenue is credited for the amount of the sale.
Debit: Accounts Receivable - Akron Furniture Store $15,000
Credit: Sales Revenue $15,000

Answer:

Date	Accounts	Debit	Credit
Jan 4	Sales Revenue		$15,000