Record the following transactions on the books of cullumber co (omit cost of goods sold entries) (credit account titles are automatically indented when amount is entered.Do not indent manually).
(a) on july 1,cohen co sold merchandise on account to tracy inc for $23,400, terms 2/10,n/30
(b)on july 8, tracy inc returned merchandise worth $2,400 to cohen co.
(c)on july 11,tracy inc paid for the merchandise.
|Date||Account Titles & Explanations||Debits$||Credit$|
|01-july||Account receivable A/C||23,400|
To Sales Revenue A/C
(To record merchandise sold on account to tracy inc)
|08-July||Sales returns & Allowance A/C||2,400|
To Accounts Receivable A/C (To record merchandise returned to cohen co)
|11 -July||Cash A/C (21,000 - 420)||20,580|
|Sales discounts A/C (23,400 -2,400 = 21,000 x 2 /100)||420|
|To Accounts Receivable A/c To record amount paid for merchandise to tracy inc)||21,000|
answer to the above question clearly shown in the expalantion option. record the transaction in the books of cullumber co in chronological order