discussion question. You will need to create a thread (name it your name) to pos

Question

discussion question. You will need to create a thread (name it your name) to post your answer, and you will not be able to see or comment on your classmates' answers until you have posted your own. Tournalize the following merchandise transactions A. Sold merchandise on account, $10,700 with terms 2/10, net 30. The cost of the merchandise sold was $6,900 B. eived payment less the discount. C. Purchased merchandise on account from a supplier for S7,500, terms 2/10, net 30. D. Rturned S1,350 of the merchandise and received full credit. E. Paid for the merchandise within the discount period. You must start a thread before you can read and reply to other threads

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Account receivable 10700     Sales revenue 10700 (To record sales) Cost of goods sold 6900     Merchandise inventory 6900 (To record cost of goods sold) Cash (10700*98%) 10486 Sales discount 214     Account receivable 10700 (To record amount received) Merchandise inventory 7500     Account payable 7500 (To record purchase) Account payable 1350     Merchandise inventory 1350 (To record return) Account payable 6150     Cash 6027     Merchandise inventory 123 (To record amount paid)

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