Prepare the general journal entry

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Reference no: EM131881950

A company sold $1,500 worth of goods and received immediate payment (the cost of goods sold was $1,200). Prepare the general journal entry

DEBIT: Revenue for $1,500; CREDIT: Cash for $1,500

DEBIT: Cost of Goods Sold for $1,200; CREDIT: Inventory for $1,200

DEBIT: Revenue for $1,500; CREDIT: Cash for $1,500

DEBIT: Inventory for $1,200; CREDIT: Cost of Goods Sold for $1,200

DEBIT: Cash for $1,500; CREDIT: Revenue for $1,500

DEBIT: Inventory for $1,200; CREDIT: Cost of Goods Sold for $1,200

DEBIT: Cash for $1,500; CREDIT: Revenue for $1,500

DEBIT: Cost of Goods Sold for $1,200; CREDIT: Inventory for $1,200

Reference no: EM131881950

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