Accounting - Journalizing?

Question

Purchased rafts on 06-28 from ABC Co. I sold them for cash on 06-30. Remove value of rafts from camping rental equipment and charge it to merchandise inventory.

How would I journalize and to which journal?

Answer 1

Presumably when you bought the rafts, you:
Dr Camping rental equipment xxx
Cr Cash or AP xxx
If this is part of your normal purchasing process, this would be in your purchases journal.

Then you decided you want to sell the rafts instead of renting them out, so you'd:
Dr Merchandise inventory xxx
Cr Camping rental equipment xxx
This would be in the General Journal.

Then when you sold them for cash on 06-30, you'd:
Dr Cash yyy (selling price)
Cr Sales of rafts yyy (selling price)
This would be in the sales journal.

Dr COGS xxx (at cost)
Cr Merchandise inventory xxx (at cost)
This could be a column from the sales journal. If you don't have such a column, it'd be in the General Journal.