Question

journalize the sales transactions. explanations are not required. (record debits first, then credits. exclude explanations from journal entries.) aug 1 tammy sportswear sold $63,000 of sportswear on account, credit terms are 1/10, n/30. cost of goods is $31,500. 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. date accounts debit credit aug 1

Explanation:

Step1: Identify accounts for debit

When selling on - account, accounts receivable is debited for the amount of the sale.
Debit: Accounts Receivable $63,000

Step2: Identify accounts for credit

Revenue from the sale of sportswear is credited.
Credit: Sales Revenue $63,000

Answer:

Date	Accounts	Debit	Credit
Aug 1	Sales Revenue		$63,000