Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $9,100 with terms 1/10, n/30. The cost of the merchandise sold was $5,460. Sale Cost b. Received payment less the discount. c. Issued a credit memo for returned merchandise that was sold for $10,700 terms n/30. The cost of the merchandise returned was $6,420 Refund Inventory
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $9,100 with terms 1/10, n/30. The cost of the merchandise sold was $5,460. Sale Cost b. Received payment less the discount. c. Issued a credit memo for returned merchandise that was sold for $10,700 terms n/30. The cost of the merchandise returned was $6,420 Refund Inventory
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
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![Sales Transactions
Journalize the following merchandise transactions:
a. Sold merchandise on account, $9,100 with terms 1/10, n/30. The cost of the merchandise sold was $5,460.
Sale
Cost
b. Received payment less the discount.
c. Issued a credit memo for returned merchandise that was sold for $10,700 terms n/30. The cost of the merchandise returned was $6,420.
Refund
Inventory
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe27fe8aa-42dc-4abb-95e4-76dcbb550513%2Ffd4ca490-54e9-4795-9ed6-8f98fe88b7c1%2Foez9pz6_processed.png&w=3840&q=75)
Transcribed Image Text:Sales Transactions
Journalize the following merchandise transactions:
a. Sold merchandise on account, $9,100 with terms 1/10, n/30. The cost of the merchandise sold was $5,460.
Sale
Cost
b. Received payment less the discount.
c. Issued a credit memo for returned merchandise that was sold for $10,700 terms n/30. The cost of the merchandise returned was $6,420.
Refund
Inventory
4
![Transactions for Buyer and Seller
Wilmington Co. sold merchandise to Angelleti Co. on account, $8,000, terms 2/15, n/30. The cost of merchandise sold is $4,800. Assume all
discounts are taken.
Journalize Wilmington Co.'s entries for (a) the sale on account and (b) the collection of the amount due.
(a)
(b)
0 0 0 0.
00:00
Journalize Angelleti Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due.
(a)
(b)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe27fe8aa-42dc-4abb-95e4-76dcbb550513%2Ffd4ca490-54e9-4795-9ed6-8f98fe88b7c1%2Ftoy268x_processed.png&w=3840&q=75)
Transcribed Image Text:Transactions for Buyer and Seller
Wilmington Co. sold merchandise to Angelleti Co. on account, $8,000, terms 2/15, n/30. The cost of merchandise sold is $4,800. Assume all
discounts are taken.
Journalize Wilmington Co.'s entries for (a) the sale on account and (b) the collection of the amount due.
(a)
(b)
0 0 0 0.
00:00
Journalize Angelleti Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due.
(a)
(b)
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