Question

requirement 1. journalize the transactions. ignore cost of goods sold. omit explanations (record debits first, then credits. exclude explanations from journal entries.)
jan. 1 sold merchandise inventory on account to crocker company, $1,460

Explanation:

Step1: Identify the accounts involved

When selling merchandise on account, the Accounts Receivable (asset) increases and the Sales Revenue (revenue) increases.

Step2: Apply the debit - credit rules

Assets (Accounts Receivable) are debited when they increase. Revenues (Sales Revenue) are credited when they increase.

Answer:

Date	Accounts	Debit	Credit
	Sales Revenue		$1,460$