Question

Check my progress performance in last 10 qs hard easy performance in last 10 questions - there are '6' correct answers, '4' wrong answers, '0' skipped answers, '0' partially correct answers about this question question difficulty difficulty 60% 40.7% students got it correct study this topic • record sales under a perpetual inventory system. question number q 5.36: on march 2nd, johnson wholesalers sells $5,200 of goods to alexander incorporated with terms 3/15, n/45. on march 9th, alexander returned $600 (cost of goods sold of $240) to johnson. journalize the entry for johnson if alexander makes payment in full on march 31st.

Answer 1

Journal entry

Step-by-step explanation:

The journal entry is shown below:

Cash Dr $4,600

To Account receivable $4,600

(Being the payment received is recorded)

The computation is shown below:

= Sale value of merchandise - returned goods

= $5,200 - $600

= $4,600

For this given transaction, we debited the cash account and credited the account receivable so that the proper posting could be done