Garth Company sold goods on account to Kyle Enterprises with terms of 2/10, n/30. The goods had a cost of $600 and a selling price of $1,100. Both Garth and Kyle use a perpetual inventory system. Record the sale on the books of Garth. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record credit sale.) (To record cost of good sold.)
Garth Company sold goods on account to Kyle Enterprises with terms of 2/10, n/30. The goods had a cost of $600 and a selling price of $1,100. Both Garth and Kyle use a perpetual inventory system. Record the sale on the books of Garth. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record credit sale.) (To record cost of good sold.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Garth Company sold goods on account to Kyle Enterprises with terms of 2/10, n/30. The goods had a cost of $600 and a selling price of $1,100. Both Garth and Kyle use a perpetual inventory system.
Record the sale on the books of Garth. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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Account Titles and Explanation
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Debit
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Credit
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(To record credit sale.)
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(To record cost of good sold.)
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