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

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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 ago

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