DATE TRANSACTIONS 20X1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Problem 7.4A (Static) Recording sales, sales returns, cash discounts, and cash receipts for a wholesale
business. LO 7-1, 7-3
Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firm
during April 20X1 follow. The firm sells its merchandise for cash and on open account. During April, Incredible Sounds engaged in the
following transactions:
DATE
TRANSACTIONS
20X1
April 1 Sold merchandise for $4,500 to Alto Music Center; issued Invoice 3912 with terms of 1/10, n/30.
3 Received a check for $1,980 from Music Supply Store in payment of Invoice 2718 of March 25 ($2,000), less cash
discount ($20).
5 Sold merchandise totaling $1,725 in cash to a new customer who has not yet established credit.
7 Merchandise of $80 sold on April 5 is returned for a cash refund.
8 Sold merchandise for $6,500 to Music Warehouse; issued Invoice 3913 with terms of 2/10, n/30.
10 Received payment from Alto Music Center in payment of Invoice 3912, less cash discount.
15 Accepted a return of damaged merchandise from Music Warehouse; issued Credit Memorandum l05 for $2,300. The
original sale was made on Invoice 3913 on April 8.
17 Received payment from Music Warehouse for the sale of April 8, less the return on April 15; Music Warehouse
deducted the appropriate cash discount from its payment
19 Received a check for $2,300 as payment in full from Oldies Sounds for Invoice 3850 dated March 20.
20 Sold merchandise for $11,200 to Hawk Music Center; issued Invoice 3914 with terms of 2/10, n/30.
25 Sold merchandise for $10,800 to Modern Sounds; issued Invoice 3915 with terms of 2/10, n/30.
26 Sold merchandise for $8, 600 to Country Tunes; issued Invoice 3916 with terms of 2/10, n/30.
27 Accepted a return of damaged merchandise from Modern Sounds; issued Credit Memorandum 106 for $500. The origina
sale was made on Invoice 3915 on April 25.
29 Received payment from Hawk Music Center for the sale of April 20, less cash discount.
30 Sold merchandise for $3,200 to Oldies Sounds; issued Invoice 3917 with terms of 2/10, n/30.
Required:
Record the transactions in a general journal.
Analvze:
Prev
1 of 2
Next >
in](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc4807093-cbc9-4722-a4f4-63d58b700be9%2F7617cc79-9e52-459f-9ba5-ae940c8f79bc%2Fgl1g0so_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 7.4A (Static) Recording sales, sales returns, cash discounts, and cash receipts for a wholesale
business. LO 7-1, 7-3
Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firm
during April 20X1 follow. The firm sells its merchandise for cash and on open account. During April, Incredible Sounds engaged in the
following transactions:
DATE
TRANSACTIONS
20X1
April 1 Sold merchandise for $4,500 to Alto Music Center; issued Invoice 3912 with terms of 1/10, n/30.
3 Received a check for $1,980 from Music Supply Store in payment of Invoice 2718 of March 25 ($2,000), less cash
discount ($20).
5 Sold merchandise totaling $1,725 in cash to a new customer who has not yet established credit.
7 Merchandise of $80 sold on April 5 is returned for a cash refund.
8 Sold merchandise for $6,500 to Music Warehouse; issued Invoice 3913 with terms of 2/10, n/30.
10 Received payment from Alto Music Center in payment of Invoice 3912, less cash discount.
15 Accepted a return of damaged merchandise from Music Warehouse; issued Credit Memorandum l05 for $2,300. The
original sale was made on Invoice 3913 on April 8.
17 Received payment from Music Warehouse for the sale of April 8, less the return on April 15; Music Warehouse
deducted the appropriate cash discount from its payment
19 Received a check for $2,300 as payment in full from Oldies Sounds for Invoice 3850 dated March 20.
20 Sold merchandise for $11,200 to Hawk Music Center; issued Invoice 3914 with terms of 2/10, n/30.
25 Sold merchandise for $10,800 to Modern Sounds; issued Invoice 3915 with terms of 2/10, n/30.
26 Sold merchandise for $8, 600 to Country Tunes; issued Invoice 3916 with terms of 2/10, n/30.
27 Accepted a return of damaged merchandise from Modern Sounds; issued Credit Memorandum 106 for $500. The origina
sale was made on Invoice 3915 on April 25.
29 Received payment from Hawk Music Center for the sale of April 20, less cash discount.
30 Sold merchandise for $3,200 to Oldies Sounds; issued Invoice 3917 with terms of 2/10, n/30.
Required:
Record the transactions in a general journal.
Analvze:
Prev
1 of 2
Next >
in
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education