Cost of goods sold expense entry given below. Assume that inventory decreased $500,000 during the year because the business sold more products than it purchased. And assume that accounts payable decreased $250,000 during the year because the business paid more of its purchase liabilities than it bought on credit. Prepare the summary journal entry for cost of goods sold expense.
|
Cost of Goods Sold Expense |
$14,300,000.00 |
|
Inventory |
$2,000,000 |
|
Cash |
$14,500,000.00 |
|
Accounts Payable |
$1,800,000 |