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Prepare journal entries for comnie to record transaction

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Question - On March 1, 2016, Comnie Inc. sells 1,000 units of Product A to Olympia Industries at a sales price of $10.00 per unit; the sale is made on credit, with terms of n/30. The inventory cost for Product A is $5.00 per unit.

Instructions: Prepare the journal entries for Comnie to record this transaction:

a) When the sale is made on March 1, 2016.

b) When Olympia pays the invoice on March 25, 2016.

Reference no: EM132070265

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