on october 1, robertson company sold merchandise in the amount of $5,800 to alberts, with credit terms of…

on october 1, robertson company sold merchandise in the amount of $5,800 to alberts, with credit terms of 2/10, n/30. the cost of the items sold is $4,000. robertson uses the perpetual inventory system. the journal entry or entries that robertson will make on october 1 is: sales accounts receivable 5,800 5,800 sales accounts receivable 5,800 5,800 cost of goods sold 4,000 merchandise inventory 4,000 accounts receivable 5,800 sales 5,800 accounts receivable 5,800 sales 5,800 cost of goods sold 4,000 merchandise inventory 4,000

on october 1, robertson company sold merchandise in the amount of $5,800 to alberts, with credit terms of 2/10, n/30. the cost of the items sold is $4,000. robertson uses the perpetual inventory system. the journal entry or entries that robertson will make on october 1 is: sales accounts receivable 5,800 5,800 sales accounts receivable 5,800 5,800 cost of goods sold 4,000 merchandise inventory 4,000 accounts receivable 5,800 sales 5,800 accounts receivable 5,800 sales 5,800 cost of goods sold 4,000 merchandise inventory 4,000

Answer

Explanation:

Step1: Record sales revenue

Under the perpetual - inventory system, when a sale is made, we debit Accounts Receivable for the amount of the sale and credit Sales. Here, the sale amount is $5,800. So the first part of the journal entry is: Debit Accounts Receivable $5,800; Credit Sales $5,800.

Step2: Record cost of goods sold

We also need to record the cost of the goods sold. We debit Cost of Goods Sold for the cost of the items sold and credit Merchandise Inventory. The cost of the items sold is $4,000. So the second part of the journal entry is: Debit Cost of Goods Sold $4,000; Credit Merchandise Inventory $4,000.

Answer:

Debit Accounts receivable 5800; Credit Sales 5800; Debit Cost of goods sold 4000; Credit Merchandise inventory 4000