journal entries chapter 5

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Last updated 9:20 PM on 4/16/26
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6 Terms

1
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record the sales revenue of a transaction

Debit Accounts Receivable; Credit Sales

2
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record the cost of the merchandise sold

Debit Cost of Goods Sold; Credit Inventory

3
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record the refund owed to the customer

Debit Customer Refunds Payable; Credit Accounts Receivable

4
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record physical return of inventory

Debit Inventory; Credit Estimated Returns Inventory

5
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record cash receipt

Debit Cash; Credit Accounts Receivable

6
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