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Explain why and provide corrected journal entries

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Problem 1: On 1 June 2021, Valley Ltd sold inventory to Sunshine Ltd for $15,000, recording a before-tax profit of $3,000. On 30 June 2021, Sunshine Ltd has sold one-third of the inventory to other entities for $6,000 but still holds two-third of these inventories as of 30 June 2021. Can we debit Sales for $15,000, credit the Cost of Sales for $15,000 on 30 June 2021? Do we need to do anything else?

Problem 1.1. Examine the following journal entries for errors?

Problem 1.2. If incorrect, explain why and provide corrected journal entries.

Reference no: EM132994517

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