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Enter the journal entry to record the sales transaction

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Reference no: EM132671361

June 4 Sold for cash, one model A1100 Kawasaki Jet Ski Personal Watercraft.

  • This model retails for $9,375.00 plus 8% sales tax ($9,375.00 x 8% = $750.00). The sales invoice for this transaction is G4011.
  • Because a perpetual inventory system is being used by Granite Bay Jet Ski, Inc., for each entry where a product is being sold, an update of the specific inventory items being sold will be a part of the journalizing procedure.
  • Merchandise listed on the sales invoice:

NOTE: The Jet Ski being sold for $9,375.00 cost the business $7,500.00 (net). All personal watercraft and trailers carry a 25% markup on net cost (20% markup on selling price). The net cost of $7,500.00 plus the programmed markup of $1,875.00 ($7,500.00 x 25%) must equal the credit entry to sales of $9,375.00 or the journal entry will not be accepted by the program.

Problem 1. Enter the journal entry to record the sales transaction

Reference no: EM132671361

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