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Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $11,750 with terms 2/10,...
Sales Transactions
Journalize the following merchandise transactions:
a. Sold merchandise on account, $11,750 with terms 2/10, n/30. The cost of the merchandise sold was $7,050.
| Sale | Accounts Receivable | ||
| Sales | |||
| Cost | Cost of Merchandise Sold | ||
| Merchandise Inventory |
the debit/credit for acc receivable and sales is NOT $11750
b. Received payment less the discount.
c. Issued a credit memo for returned merchandise that was sold for $11,000 terms n/30. The cost of the merchandise returned was $6,600.
| Refund | |||
| Inventory | |||
Solutions
Expert Solution
| Answer | |||
|
Solution: Following are the required journal entries: |
|||
| Sr. no. | Particulars | Debit($) | Credit($) |
| (a) | Accounts Receivable | $ 11,750 | |
| Sales | $ 11,750 | ||
| Cost of Merchandise Sold | $ 7,050 | ||
| Merchandise Inventory | $ 7,050 | ||
| (b) | Cash(11750-235) | $ 11,515 | |
| Sales Discount(11750*2%) | $ 235 | ||
| Accounts Receivable | $ 11,750 | ||
| (c) | Allowances for Sales Return | $ 11,000 | |
| Accounts Receivable | $ 11,000 | ||
| Merchandise Inventory | $ 6,600 | ||
| Cost of Merchandise Sold | $ 6,600 | ||
ekkarill92 answered 1 year agoRelated Solutions
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Show me step by step how to calculate.
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20
Sold merchandise on account to Crescent Co., terms 1/10, n/30,
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21
For the convenience of Crescent Co., paid freight on sale of
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Issued a credit memo for returned merchandise that was sold for
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Notes Receivable
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Received payment less the discount.
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Issued a credit memo for returned merchandise that was sold for
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General Ledger
ASSETS
110
Cash
120
Accounts Receivable
125
Notes Receivable
130...
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