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

Journal Entries Date Account Title Dr $ Cr$ July 2. Sales Revenue              15,000 Accounts Receivable(B.Pyne)                   15,000 Cost of Goods Sold                   10,500 Finished Goods Inventory              10,500 July 5. Cash                         800 Accounts Receivable(R. Giger)                    800 Jul 10. Cash                   14,700 Accounts Receivable(B.Pyne)              15,000 Sales Discount                         300 JUl15.   Sales Revenue                 9,000 Accounts Receivable(J Long)                     9,000 Cost of Goods Sold                     6,300 Finished Goods Inventory                 6,300 Jul 18. Cash                     25,000 Note Payable              25,000 Jul 20. Sales Revenue              12,000 Accounts Receivable(C Judd)                   12,000 Cost of Goods Sold                     8,400 Finished Goods Inventory                 8,400 Jul 31. Cash                     5,000 Accounts Receivable(J Long)                 5,000

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