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Prior Company buys merchandise on account from Wood Company. The selling price of the goods is $900 and the cost of goods is $630. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies.
Weegy: For PRIOR COMPANY: Dr. Inventory $900, Cr. Accounts Payable $900 For Wood COMPANY: Dr. Accounts Receivable $900, Cr. Sales $900.. Dr Cost of Goods Sold $630, Cr Merchandise Inventory $630 (More)
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Asked 5/6/2012 8:10:33 PM
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