journalize the following sales transactions for King company. explanations are n
ID: 2541048 • Letter: J
Question
journalize the following sales transactions for King company. explanations are not required. Apr. 1 King company sold merchandise inventory for $150. the cost of the inventory was $90. the customer paid cash. King company was running a promotion and the customer received a $20 award at the time of the sale that can be used at a future date on any King company merchandise begin by preparing the entry to journalize the sale portion of the transaction. do not record the expense related to the sale we will do that in the following ste journalize the following sales transactions for King company. explanations are not required. Apr. 1 King company sold merchandise inventory for $150. the cost of the inventory was $90. the customer paid cash. King company was running a promotion and the customer received a $20 award at the time of the sale that can be used at a future date on any King company merchandise begin by preparing the entry to journalize the sale portion of the transaction. do not record the expense related to the sale we will do that in the following ste journalize the following sales transactions for King company. explanations are not required. Apr. 1 King company sold merchandise inventory for $150. the cost of the inventory was $90. the customer paid cash. King company was running a promotion and the customer received a $20 award at the time of the sale that can be used at a future date on any King company merchandise begin by preparing the entry to journalize the sale portion of the transaction. do not record the expense related to the sale we will do that in the following ste Cick the icon to view the traneactions ) pr 1 King Company sald marchandise inventory for $150 The cos be used at a ture date on any King Company merchandise of the inventory was $90 The customer paid cash King Company was nunning a prometion and the customer eceved a $20 award at the time of sale that can Begih by greparing the entry to jounalize the sale poition et the ransaction Da not recond the expense rolated to the sale We will do that in the folowing step Record debits first, then credits Exclude explanadons hom jounal Date More Info Accounts DateExplanation / Answer
Journal entries
date
explanation
debit
credit
1-Apr
cash
150
sales revenue
150
1-Apr
cost of goods sold
90
inventory
90
1-Apr
promotional expense
20
promotional expense payable
20
15-May
cash
10
promotional expense payable
20
sales revenue
30
15-May
cost of goods sold
18
inventory
18
Journal entries
date
explanation
debit
credit
1-Apr
cash
150
sales revenue
150
1-Apr
cost of goods sold
90
inventory
90
1-Apr
promotional expense
20
promotional expense payable
20
15-May
cash
10
promotional expense payable
20
sales revenue
30
15-May
cost of goods sold
18
inventory
18
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