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Prepare the journal entries to record the sale

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Reference no: EM132540113

Question - GG Company sells P 1,080,000 (cost, 672,000) of products on march 1, 2017, to a local store, CC, which is planning to expand its locations around the city. Under the agreement, CC asks GG to retain these products in its warehouses until the new store are ready and be operational. Title passes to Camille at the time the agreement is signed.

Required -

1. Prepare the journal entries to record the sale.

2. Prepare the journal entries to record the related cost of goods sold.

Reference no: EM132540113

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