Feathertouch Company sold merchandize worth $800 on credit, terms n/15. The merchandize sold had cost $550. What is the required journal entry to record the transaction and to transfer the cost of merchandize inventory to cost of goods sold under the periodic inventory system?

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The Answer of Feathertouch Company sold merchandize worth $800 on credit, terms n/15. The merchandize sold had cost $550. What is the required journal entry to record the transaction and to transfer the cost of merchandize inventory to cost of goods sold under the periodic inventory system?

Feathertouch Company Sold Merchandize Worth $800 on Credit, Terms N/15