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Accounting I question?

Simple journal entry i'm just stooooopid.

July 5. sold goods for 40,000 cash. the goods had cost 12,000

july 15 paid back part of a bank loan 4000

How to record journal entry please....

1 Answer

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  • JKRB
    Lv 7
    7 years ago
    Favorite Answer

    July 5. sold goods for 40,000 cash. the goods had cost 12,000

    Dr Cash 40,000

    Cr Sales 40,000

    Dr Cost of Goods Sold 12,000

    Cr Merchandise Inventory 12,000

    july 15 paid back part of a bank loan 4000

    Dr Notes Payable 4,000

    Cr Cash 4,000

    Source(s): Accounting Fan
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