Assume Webster Company buys bicycle helmets at a unit cost of $30 and sells them at a unit price of $52. There was no beginning inventory.
Required:
Provide the journal entries required below by entering the account code of the appropriate account and the amount for each debit and credit: $$\begin{array} { l c }
\text { Account Name } & \text { Account Code } \
\text { Inventory } & \text { A } \
\text { Purchases } & \text { B } \
\text { Cost of goods sold } & \text { C } \
\text { Sales revenue } & \text { D } \
\text { Cash } & \text { E }
\end{array}$$

Question

Assume Webster Company buys bicycle helmets at a unit cost of $30 and sells them at a unit price of $52. There was no beginning inventory.
Required:
Provide the journal entries required below by entering the account code of the appropriate account and the amount for each debit and credit: $$\begin{array} { l c } 
\text { Account Name } & \text { Account Code } \
\text { Inventory } & \text { A } \
\text { Purchases } & \text { B } \
\text { Cost of goods sold } & \text { C } \
\text { Sales revenue } & \text { D } \
\text { Cash } & \text { E }
\end{array}$$

Quizplus · Accepted Answer

The Answer of Assume Webster Company buys bicycle helmets at a unit cost of $30 and sells them at a unit price of $52. There was no beginning inventory.
Required:
Provide the journal entries required below by entering the account code of the appropriate account and the amount for each debit and credit: $$\begin{array} { l c } 
\text { Account Name } & \text { Account Code } \
\text { Inventory } & \text { A } \
\text { Purchases } & \text { B } \
\text { Cost of goods sold } & \text { C } \
\text { Sales revenue } & \text { D } \
\text { Cash } & \text { E }
\end{array}$$

Assume Webster Company Buys Bicycle Helmets at a Unit Cost