Question

Joumalor the following morchandise transactions. Refor to the chart of accounts for the exact wording of the acoount bles. CNOW journats do not ese dines for fournar explienatians. Mar. 1 Sold merehandse on account, $76,550 with terms 210, n30. The cost of the morchandise soid was $44,950. 9 Heceved payment less the disoount. 13 lseuod a $2,400 credit memo for damaged morchandiso. The customer agroed to heep the merchardise.

Answer 1

Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Mar. 1 Sold merchandise on account, $94,800 with terms 2/10, 1/30. The cost of the merchandise sold was $56,900 Received payment less the discount. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise 9 13 JOURNAL Score: 86/10 DATE DESCRIPTION POST. REF CREDIT ACCOUNTING EDITATION ASSETS LIABILITIES FOUNTY DEBIT 94,800.00 1 Mar. 1 Sales 2 Accounts Receivable 94,800,00 Mar 1 Cost of Merchandise Sold 56,900.00 6 56,900.00 1 Merchandise Inventory Mar. 9 Accounts Receivable Cash 2 Mar 13 Customer Refunds Payable 500.00 Accounts Receivable 500.00