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Chapter 4 Journal Entry Analysis KC Corp sold merchandise on September 5th to...

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Accounting

Chapter 4
Journal Entry Analysis
KC Corp sold merchandise on September 5th to Pop Inc for $2,500 cash. The inventory cost KC Corp $900.
Prepare the journal entry to record the sale:
Explain what is happening in this entry (i.e. By debiting
account I am increasing that account
and by crediting
account I am decreasing that account):
Prepare the journal entry to record the cost:
Explain what is happening in this entry (i.e. By debiting
account I am increasing that account
and by crediting
account I am decreasing that account):
What is the gross profit on this sale:
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