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Question

ment/takeAssi gnmentMain.do?invoker-assignments&takeAssignmentSessionLocator; assignment-take&inprogress-false; Snow ve How Cacuatcr Sales transactions Journal Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles Mar 1 Sold merchandise on account, $75,650 with terms 2/10, n/30. The cost of the merchandise sold was $44,450. 9 Received payment less the discount 13 Issued a credit memo for returned merchandise that was sold for $2,700 terms n/30. The cost of the merchandise returned was $1,890

Explanation / Answer

Journal entries: Date Accounts title and explanations Debit $ Credit $ 1-Mar Accounts receivable Dr. 75650      Sales revenue 75650 Cost of Goods sold Account Dr. 44450      Inventory Account 44450 9-Mar Cash account Dr. 74137 Sales discount Account Dr. (75650*2%) 1513     Accounts receivable Account 75650 13-Mar Sales return and allowance Account Dr. 2700      Accounts receivable Account 2,700.00 Inventory Account Dr. 1890     Cost of Goods sold account 1890

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