Aug. 1 Sold $6,500 of equipment on account, credit terms are 1/10, n/30. 8 Straight Shot received payment from the customer on the amount due from August 1, less the discount. 15 Sold $3,100 of equipment on account, credit terms are n/45, FOB destination. 15 Straight Shot paid $90 on freight out. 20 Straight Shot negotiated a $500 allowance on the goods sold on August 15. 24 Received payment from the customer on the amount due from August 15, less the allowance.
Aug. 1 Sold $6,500 of equipment on account, credit terms are 1/10, n/30. 8 Straight Shot received payment from the customer on the amount due from August 1, less the discount. 15 Sold $3,100 of equipment on account, credit terms are n/45, FOB destination. 15 Straight Shot paid $90 on freight out. 20 Straight Shot negotiated a $500 allowance on the goods sold on August 15. 24 Received payment from the customer on the amount due from August 15, less the allowance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Journalizing sales transactions——periodic inventory system
Journalize the following sales transactions for Straight Shot Archery using the periodic inventory system. Explanations are not required. The company estimates sales returns and allowances at the end of each month.
Transcribed Image Text:Aug. 1 Sold $6,500 of equipment on account, credit terms are 1/10, n/30.
8 Straight Shot received payment from the customer on the amount due
from August 1, less the discount.
15 Sold $3,100 of equipment on account, credit terms are n/45, FOB
destination.
15 Straight Shot paid $90 on freight out.
20 Straight Shot negotiated a $500 allowance on the goods sold on August
15.
24 Received payment from the customer on the amount due from August
15, less the allowance.
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