1. How would this transaction be journalized by the seller?Identify the accounts, the amounts and whether the entry is a debit or credit.2. What journal should the seller use for this transaction?EXPLAINUse the photo to answer. Module 8 Lesson 1 AssignmentABC CompanySALES INVOICE123 Main StreetWilmington, NC 28401Phone 910.555.1212 Fax 910.555.1234INVOICE #10DATE: JANUARY 10, 20XXTO:SHIP TO:Accounts Payable DepartmentSports Emporium991 Industry AvenueWilmington, NC 28412910.555.9876Receiving ClerkSports Emporium991 Industry AvenueWilmington, NC 28412910.555.5678COMMENTS OR SPECIAL INSTRUCTIONS:SALESPERSONP.O. NUMBERREQUISITIONERSHIPPED VIAF.O.B. POINTTERMSOvernightExpressFred Taylor123456Cindy JacksonDestination2/10, n/30UNIT PRICEТOTALDESCRIPTIONQUANTITY$20.00$1,000.0050Spalding NCAA Basketball$125.00$1,875.0015Louisville Slugger Baseball Bat$65.00$1,300.0020Koho Hockey SticksSUBTOTAL$4,175.00SALES TAXSHIPPING & HANDLINGTOTAL DUE$4,175.00

As image shown above is relating Sales Invoice. ABC Company has sold some sports materials to Sports…

1. How would this transaction be journalized by the seller? Identify the accounts, the amounts and whether the entry is a debit or credit. 2. What journal should the seller use for this transaction? EXPLAIN Use the photo to answer.

1. How would this transaction be journalized by the seller? Identify the accounts, the amounts and whether the entry is a debit or credit. 2. What journal should the seller use for this transaction? EXPLAIN Use the photo to answer.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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