Part 2-60 points. Each problem is worth 20 points Hiatt Company uses a s Record

Question

Part 2-60 points. Each problem is worth 20 points Hiatt Company uses a s Record the following transactions in the appropriate journals. The cost of all merchandise sold was 7 of the sales price. July 2 Sold merchandise for $15,000 to B. Pine on account. Credit terms 2/10, n/30. Sales invoice No. 100. July 5 Received a check for $800 from R. Giger in payment of his account. July 10 Received a check in payment of invoice No. 100 from B. Pine minus the 2% discount. ales journal and a cash receipts journal to record transactions with its customers. 0%

Explanation / Answer

All Credit sales entries are entered into Sales Journal and Aur transactions relating to Cash entered in Cash register

SALES JOURNAL

JULY 2 Accounts Receivable A/c Dr. $15000 To Revenue A/c $15000 (Being Goods sold on credit to B.Pine)

JULY 15 Accounts Receivable A/c Dr. $9000 To Revenue A/c $9000 (Being Goods sold on credit to J.Long)

JULY 20 Accounts Receivable A/c Dr. $12000 To Revenue A/c $12000 (Being Goods Sold to C.Judd on credit)

CASH RECEIPTS JOURNAL

JULY 5 Cash A/c Dr. $800 To Accounts Receivable A/c $800 (Being Cash received from R.Giger)

JULY 10 Cash A/c Dr. $14700 Discount Allowed A/c Dr. $300 To Accounts Receivable A/c $15000 (Being payment received from B.Pine after 2% discount for early payment)

JULY 18 Cash A/c Dr. $25000 To 6 Months Notes Payable A/c $25000 (Being Short term loan taken)

JULY 31 Cash A/c Dr. $5000 To Accounts Receivable A/c $5000 (Being payment received in advance)

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