PROBLEM#2-Journal Entries Journalize the following entries. Use the accounts giv

Question

PROBLEM#2-Journal Entries Journalize the following entries. Use the accounts given. Ignore sales taxes. Our sales terms are 3/10;n/30. We allow a discount on partial payments. April 1 We sell $8,000 worth of merchandise on account to J. Baecker. April 2 We sell $6,000 worth of merchandise on account to D. Crampton. April 6 We sell $15,000 worth of merchandise on account to L. Rundquist. April 8 We have cash sales of $9,000. April 9 we have bank credit card sales of S7,000. The fee charged by the bank is 290. April 10 J. April 11 D. Crampton pays us $4,000 for the merchandise purchased on April 2. April 22 we sell $3,000 worth of merchandise on account to O. Shokunb. April 24 E. Conrad returns $500 worth of merchandise purchased on April 22 April 29 L. Rundquist pays us in full for the merchandise purchased on April 6. April 30 O. Shokunbi pays us in full for the merchandise purchased on April 24. Baccker pays us in full for the merchandise purchased on April 1 Accounts to be used: Accounts Receivable Cash Credit Card Discount Sales Sales Discount Sales Returns and Allowances

Explanation / Answer

Date Journal Entries Amount Apr-01 Account Receivable A/c Debit $ 8,000 Sales A/c Credit $ 8,000 (Being Sale Made to J. Baecker On Credit) Apr-02 Account Receivable A/c Debit $ 6,000 Sales A/c Credit $ 6,000 (Being Sale Made to D. Crampton On Credit) Apr-06 Account Receivable A/c Debit $ 15,000 Sales A/c Credit $ 15,000 (Being Sale Made to L. Rundquist On Credit) Apr-08 Cash A/c Debit $ 9,000 Sales A/c Credit $ 9,000 (Being Cash Sales Made) Apr-09 Cash A/c Debit $ 6,860 Credit Card Discount A/c Debit $ 140 Sales A/c Credit $ 7,000 (Being Cash Sales Made on Credit Card) Apr-10 Cash A/c Debit $ 8,000 Account Receivable A/c Crebit $ 8,000 (Being Full payment received from J. Baeckers against sale) Apr-11 Cash A/c Debit $ 4,000 Account Receivable A/c Crebit $ 4,000 (Being part payment received from D. Crampton against sale) Apr-22 Account Receivable A/c Debit $ 3,000 Sales A/c Credit $ 3,000 (Being Sale Made to O. Shokunbi On Credit) Apr-24 Sales Return and Allowance A/c Debit $ 500 Account Receivable A/c Credit $ 500 (Being Sales return by E. Conrad) Apr-29 Cash A/c Debit $ 15,000 Account Receivable A/c Crebit $ 15,000 (Being Full payment received from L. Rundquist against sale) Apr-30 Cash A/c Debit $ 3,000 Account Receivable A/c Crebit $ 3,000 (Being Full payment received from O. Shokunbi against sale)

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