Journal entries to record sales are entered into the general journal weekly. On February 8, week 1 sales were recorded. Week one sales were $3,500. Of this amount, $1,500 was in cash, the remainder on credit. Cost of chocolate sold was $1,500. The inventory account is updated at the same time sales are recorded. On February 10 Charles paid $500 to the Green Mountain Chocolate Factory for the chocolate received on February 1.
Charles Price, a connoisseur of fine chocolate, opened Charles’ Fine Chocolate Co. in Stowe, VT on February 1, 2019, by investing $30,000 in cash into the business. The shop specializes in a selectio
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