Assume Webster Company Buys Bicycle Helmets at a Unit Cost

question 70

Essay

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: $$\begin{array} { l c } \text { Account Name } & \text { Account Code } \\\text { Inventory } & \text { A } \\\text { Purchases } & \text { B } \\\text { Cost of goods sold } & \text { C } \\\text { Sales revenue } & \text { D } \\\text { Cash } & \text { E }\end{array}$$