Question

the company's revenue for the month totaled $950,000 from credit sales, and its cost of goods sold for the month is $540,000. Prepare summary journal entries dated October 31 to record its October production

Answer 1

Date Account Title Debit Credit

Oct. 31 Accounts Receivable $950,000

Sales $950,000

Date Account Title Debit Credit

Oct. 31 Cost of goods sold $540,000

Finished goods inventory $540,000