Homework Help: Thara

Posted by accounting on Thursday, November 4, 2010 at 4:47pm.

i. On February 27th, the company sold goods on account to CUSTOMER, $1,800. The goods had a cost of $900. Dungy uses a perpetual inventory system.

ans--> A/R (debit) $1800
Sales (credit) $1800

Cost of Goods Sold (debit) $900
Merchandise Inventory (credit) $900

ii. On February 27th, the company realized that it recorded collection from customers on February 21 incorrectly. $2,700 was collected from Campos and $950 from Dennison. Adjust the entry accordingly.

Im not sure how i should write the (ii). please help, have test tomorrow.thnx ^_^

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