Answer:
Marigold Company
Inventory 830
Accounts Payable 8300
Whispering Company
Accounts Receivable 830
Sales Revenue 830
Cost of Goods Sold 480
Inventory 480
Explanation:
Journalizing a transaction simply means recording all your business transaction in an accounting record. It is usually done in a chronological order.
Marigold Company
Inventory 830
Accounts Payable 8300
Whispering Company
Accounts Receivable 830
Sales Revenue 830
Cost of Goods Sold 480
Inventory 480
Answer:
In the book of Marigold Company
Debit: Inventory 830
Credit: Accounts Payable $830
In the book of Whispering Winds Corp.
Debit: Accounts Receivable $830
Credit: Sales Revenue $830
Debit: Cost of Goods Sold $480
Credit: Inventory $480
Explanation:
Note: See the attached showing how the entries will appear as a compliment to the following:
In the book of Marigold Company
Debit: Inventory 830
Credit: Accounts Payable $830
Being the amount of merchandise purchased on account from Whispering Winds Corp.
In the book of Whispering Winds Corp.
Debit: Accounts Receivable $830
Credit: Sales Revenue $830
Being the amount of merchandise sold on account to Whispering Winds Corp.
Debit: Cost of Goods Sold $480
Credit: Inventory $480
Being the cost of merchandise sold on account to Whispering Winds Corp
