Accounting 101 help!


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Im doing a project and right now I am recording journal entries/T accounts. I have the following statement I need to record for a PERIODIC INVENTORY (not perpetual) system.

"Week 1 sales were $6000. Of this amount $3000 was in cash, the remainder on credit. The cost of the surfboards sold was $2000"

How do I record "The cost of the surfboards sold was $2000?

Before all of this, "the company received a delivery of surfboards worth $11,000. This was purchased on credit."

So I went ahead and record the week 1 sales, with:

dr. Cash
cr. Sales reveune
dr. Accounts Receivable
cr. Sales revenue

and the surfboards purchase was recorded as:
dr. Surfboard Purchase
cr. Accounts payable

Someone said the "cost of surfboards sold $2000" is also "COGS" (raw/original price of surfboards from manufac.)

So I would:
dr. Sales Revenue
cr. Cost of Goods Sold

Does this look right?


And the last part:

"performed inventory of supplies at the end of June. It shows that there is $500 worth of supplies left on hand at the end of the month."

Am I doing closing entries here?



"Wages for the last 15 days of June will be paid on July 8."
For previous wages I did:

dr. Wage Expense
cr. Wages payable

Do I do the same because I am only recording the month of June.


Please let me know!

Thanks
 
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Acct 101 help

"Week 1 sales were $6000. Of this amount $3000 was in cash, the remainder on credit."

dr. Cash
cr. Sales reveune
dr. Accounts Receivable
cr. Sales revenue

This is correct. Although you could credit sales revenue only once. $3000 to cash, $3000 to a/r, and $6000 to Revenue.

Before all of this, "the company received a delivery of surfboards worth $11,000. This was purchased on credit."

the surfboards purchase was recorded as:
dr. Surfboard Purchase
cr. Accounts payable

Correct. The surfboard purchase is inventory (a balance sheet item).


"The cost of the surfboards sold was $2000"
Someone said the "cost of surfboards sold $2000" is also "COGS" (raw/original price of surfboards from manufac.)

So I would:
dr. Sales Revenue
cr. Cost of Goods Sold

Does this look right?

No, not correct. Cost of surfboards is a COGS, however its already in inventory so entry would be:

dr. COGS
cr. Inventory (or Surfboard Purchase)


And the last part:

"performed inventory of supplies at the end of June. It shows that there is $500 worth of supplies left on hand at the end of the month."

Am I doing closing entries here?

Again, same entry, dr. COGS for the balance between 11,000 less 2,000, less 500 (supplies left) and cr. inventory for same amount.

"Wages for the last 15 days of June will be paid on July 8."
For previous wages I did:

dr. Wage Expense
cr. Wages payable

Do I do the same because I am only recording the month of June.

correct
 

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