Damon Associates reported the following transactions during September 2017: Sept. 8 Sold $3,000 of merchandise to Bruce Company for cash. The cost of the merchandise was $1,250 10 Owner invested $3,400 into the business. 15 Collected $580 from Lucille Adams on account.
Damon Associates reported the following transactions during September 2017: Sept. 8 Sold $3,000 of merchandise to Bruce Company for cash. The cost of the merchandise was $1,250 10 Owner invested $3,400 into the business. 15 Collected $580 from Lucille Adams on account.
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5EA: Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises....
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Question
Damon Associates reported the following transactions during September 2017:
Sept. 8 Sold $3,000 of merchandise to Bruce Company for cash. The cost of the merchandise was $1,250
10 Owner invested $3,400 into the business.
15 Collected $580 from Lucille Adams on account.
16 Issued a credit memo for $650 to Susan Wilson for merchandise she purchased on credit several days ago. The cost of the returned
merchandise was $250.
Required: Record the above transactions below in either the cash receipts journal or the general journal. Note: Individual entries will only belong in one of these two journals.
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