Solved: On november 14 gray company sold inventory for 1270 and the, Accounting Basics

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On november 14 gray company sold inventory for 1270 and the

Problem

On November 14, Gray Company sold inventory for $1,270, and the buyer used a credit card to pay for the purchase. The credit card company charges 2% for the service, and this transaction is considered a cash sale.

Required:

Journalize the entry to record the sale.

Note: No entry is required to record cost of goods sold.

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Accounting Basics: On november 14 gray company sold inventory for 1270 and the

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Accounting Basics: On november 14 gray company sold inventory for 1270 and the

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