Journalize the following merchandise transactions: a. Sold merchandise on account, $21,950 with terms 2/10, n/30. The cost of the merchandise sold was $13,170. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory Cash - Accounts Receivable 21,950 13,170 b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Customer Refunds Payable Accounts Receivable 21,950 13,170 c. Issued a $1,000 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. 81
Journalize the following merchandise transactions: a. Sold merchandise on account, $21,950 with terms 2/10, n/30. The cost of the merchandise sold was $13,170. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory Cash - Accounts Receivable 21,950 13,170 b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Customer Refunds Payable Accounts Receivable 21,950 13,170 c. Issued a $1,000 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. 81
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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