Corona Company uses a sales journal, a cash receipts journal, and a general journal to record transactions with its customers. Record the following transactions in the appropriate journals. The cost of all merchandise sold was 65% of the sales price. July 2 Sold merchandise for $18,000 to M. Jordan on account. Credit terms 1/10, n/30. Sales invoice No. 100. July Received a check for $1,300 from K. Bryant in payment of his account. 5 July July 8 Sold merchandise to S. O'Neal for $900 cash. 10 Received a check in payment of Sales invoice No. 100 from M. Jordan minus the 1% discount. July 15 Sold merchandise for $7,000 to K. Jabbar on account. Credit terms 1/10, n/30. Sales invoice No. 101. July 18 Borrowed $15,000 cash from Pacific Bank signing a 6-month, 10% note. July 20 Sold merchandise for $12,000 to J. West on account. Credit terms 1/10, n/30. Sales invoice No. 102. July 25 Issued a credit (reduction) of $760 to J. West as an allowance for damaged merchandise previously sold on account. July 31 Received a check from K. Jabbar for $5,500 as payment on account. CORONA COMPANY Sales Journal si Invoice A/R. Dr. COGS. Dr. Date Account Debited No. Ref. Sales Rev. Cr. Inventory. Cr. CORONA COMPANY General Journal
Corona Company uses a sales journal, a cash receipts journal, and a general journal to record transactions with its customers. Record the following transactions in the appropriate journals. The cost of all merchandise sold was 65% of the sales price. July 2 Sold merchandise for $18,000 to M. Jordan on account. Credit terms 1/10, n/30. Sales invoice No. 100. July Received a check for $1,300 from K. Bryant in payment of his account. 5 July July 8 Sold merchandise to S. O'Neal for $900 cash. 10 Received a check in payment of Sales invoice No. 100 from M. Jordan minus the 1% discount. July 15 Sold merchandise for $7,000 to K. Jabbar on account. Credit terms 1/10, n/30. Sales invoice No. 101. July 18 Borrowed $15,000 cash from Pacific Bank signing a 6-month, 10% note. July 20 Sold merchandise for $12,000 to J. West on account. Credit terms 1/10, n/30. Sales invoice No. 102. July 25 Issued a credit (reduction) of $760 to J. West as an allowance for damaged merchandise previously sold on account. July 31 Received a check from K. Jabbar for $5,500 as payment on account. CORONA COMPANY Sales Journal si Invoice A/R. Dr. COGS. Dr. Date Account Debited No. Ref. Sales Rev. Cr. Inventory. Cr. CORONA COMPANY General Journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Corona Company uses a sales journal, a cash receipts journal, and a general journal to record transactions
with its customers. Record the following transactions in the appropriate journals. The cost of all merchandise
sold was 65% of the sales price.
July
2
Sold merchandise for $18,000 to M. Jordan on account. Credit terms 1/10, n/30. Sales
invoice No. 100.
July
July
5
Received a check for $1,300 from K. Bryant in payment of his account.
8
Sold merchandise to S. O'Neal for $900 cash.
July
10
Received a check in payment of Sales invoice No. 100 from M. Jordan minus the 1%
discount.
July
15
Sold merchandise for $7,000 to K. Jabbar on account. Credit terms 1/10, n/30. Sales
invoice No. 101.
July
July
18
Borrowed $15,000 cash from Pacific Bank signing a 6-month, 10% note.
20
Sold merchandise for $12,000 to J. West on account. Credit terms 1/10, n/30. Sales
invoice No. 102.
July
25
Issued a credit (reduction) of $760 to J. West as an allowance for damaged
merchandise previously sold on account.
July
31
Received a check from K. Jabbar for $5,500 as payment on account.
CORONA COMPANY
Sales Journal
S1
Invoice
A/R. Dr.
COGS. Dr.
Date
Account Debited
No.
Ref.
Sales Rev. Cr.
Inventory. Cr.
CORONA COMPANY
General Journal
G1
Transcribed Image Text:July
18
Borrowed $15,000 cash from Pacific Bank signing a 6-month, 10% note.
July
20
Sold merchandise for $12,000 to J. West on account. Credit terms 1/10, n/30. Sales
invoice No. 102.
July
25
Issued a credit (reduction) of $760 to J. West as an allowance for damaged
merchandise previously sold on account.
July
31
Received a check from K. Jabbar for $5,500 as payment on account.
CORONA COMPANY
Sales Journal
si
Invoice
A/R. Dr.
COGS, Dr.
Date
Account Debited
No.
Ref.
Sales Rev. Cr.
Inventory. Cr.
CORONA COMPANY
General Journal
G1
Date
Explanation
Ref.
Debit
Credit
CORONA COMPANY
Cash Receipts Journal
CRI
Sales
Sales
Other
Accounts
Cash
Discounts
A/R
Rev.
Асcounts
COGS Dr.
Date
Cr.
Credited
Ref.
Dr.
Dr.
Cr.
Cr.
Inventory Cr.
Answer
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