8. Click Computers has the following transactions in July related to the sale of

Question

8. Click Computers has the following transactions in July related to the sale of merchandise inventory (Click the icon to view the transactions) Journalize the sales transactions for Click Computers assuming the company uses the perpetual inventory system (Record debits first, then credits Select the explanation on the last line of the journal entry table. Assume the company records sales at the net amount.) Begin by preparing the entry to journalize the sale portion of the transaction Do not record the expense related to the sale. We will do that in the tollowing step Accounts and Explanation Debit Credit Date Jul 12 More Info July 12 Sold computers on account for $8,000 to a customer, terms 3/15, n/30 The cost of the computers is $4,800 26 Received payment from the customer on balance due Now journali Date Print Done Choose from

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit July 12 Account receivable 8000 Sales revenue 8000 Cost of goods sold 4800 Merchandise inventory 4800 (To record sale and cost of goods sold) July 26 Cash (8000*97%) 7760 Sales discount 240 Account receivable 8000 (To record received payment)

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