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Problem 1: ABC company sold a washing machine at 300 dollars on credit, while the cost of the machine is 220 dollars. What is the journal entry for the revenue?
a.Debit Sales Revenue 300, Credit Cash 300 b.Debit Cash 220, Credit Sales Revenue 220c.Debit Accounts Receivables 300, Credit Sales Revenue 300d.Debit Accounts Receivables 220, Credit Sales Revenue 220
Problem 2: ABC company sold a washing machine at 300 dollars on credit, while the cost of the machine is 220 dollars. What is the journal entry for the inventory?
a.Debit Inventory 220, Credit Cost of goods sold 220b.Debit Cost of Goods Sold 300, Credit Inventory 300c.Debit Cost of Goods Sold 220, Credit Inventory 220d.Debit Cost of Goods Sold 300, Credit Sales Revenue 300
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