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the company's revenue for the month totaled $950,000 from credit sales, and its cost of goods sold for the month is $540,000. Prepare summary journal entries dated October 31 to record its October production

Answer :

PARRAINGO

Answer:

Date                     Account Title                                             Debit            Credit

Oct. 31                 Accounts Receivable                           $950,000  

                            Sales                                                                          $950,000

Date                     Account Title                                             Debit            Credit

Oct. 31                  Cost of goods sold                              $540,000

                             Finished goods inventory                                       $540,000

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