Respuesta :
The journal entries are shown below:
1. Inventory Dr $845,000
To Account payable $845,000
(Being inventory purchase on the account)
2. Account receivable Dr $1,420,000
To Sales revenue $1,420,000
(Being sale on the account is recorded)
3. Cost of goods sold Dr $902,000
To Inventory $902,000
(Being cost of sales is recorded)
These journal entries are to be recorded
A journal entry is used to report a business transaction within the accounting data of a commercial enterprise. A magazine entry is usually recorded in the popular ledger; as a substitute, it may be recorded in a subsidiary ledger that is then summarized and rolled forward into the overall ledger.
Journal entries are how you report financial transactions. To make a journal entry, you input information of a transaction into your organisation's books. in the 2d step of the accounting cycle, your magazine entries get positioned into the general ledger.
A complete journal entry is manufactured from 6 elements: a reference number, date, account phase, debits, credit, and a journal rationalization. you can record those journal entries into either a standard magazine or a unique journal. There are three foremost forms of magazine entries: compound, adjusting, and reversing.
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