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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Vaughn Company uses the perpetual method, a sales journal, a cash receipts journal, and a general journal to record transactions
with its customers. The cost of all merchandise sold was 65% of the sales price.
July 2
July 5
July 8
July 10
July 15
July 18
July 20
July 25
July 31
Sold merchandise for $20,300 to M. Jordan on account. Credit terms 1/10, n/30. Sales invoice No. 100.
Received a check for $3,600 (no discount) from K. Bryant in payment of his account.
Sold merchandise to S. O'Neal for $3,200 cash.
Received a check in payment of Sales invoice No. 100 from M. Jordan less the 1% discount.
Sold merchandise for $9,300 to K. Jabbar on account. Credit terms 1/10, n/30. Sales invoice No. 101.
Borrowed $17,300 cash from Pacific Bank signing a 6-month, 10% note.
Sold merchandise for $14,300 to J. West on account. Credit terms 1/10, n/30. Sales invoice No. 102.
Issued a credit (reduction) of $3,060 to J. West as an allowance for damaged merchandise previously sold on account.
Received a check from K. Jabbar for $7,800 as partial payment on account.
Record the above transactions in the appropriate journals. (Record entries in the order displayed in the problem statement)
Date
Account Debited
VAUGHN COMPANY
Sales Journal
Invoice No. Ref.
Accounts Receivable Dr.
Sales Revenue Cr.
$1
Cost of Goods Sold Dr.
Inventory Cr.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F756650b3-18d1-4b86-ac9b-c71ad5c7bd76%2F6c3ec0e2-5efa-4e76-ad76-e66b3d25b507%2Flnpqlfh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Vaughn Company uses the perpetual method, a sales journal, a cash receipts journal, and a general journal to record transactions
with its customers. The cost of all merchandise sold was 65% of the sales price.
July 2
July 5
July 8
July 10
July 15
July 18
July 20
July 25
July 31
Sold merchandise for $20,300 to M. Jordan on account. Credit terms 1/10, n/30. Sales invoice No. 100.
Received a check for $3,600 (no discount) from K. Bryant in payment of his account.
Sold merchandise to S. O'Neal for $3,200 cash.
Received a check in payment of Sales invoice No. 100 from M. Jordan less the 1% discount.
Sold merchandise for $9,300 to K. Jabbar on account. Credit terms 1/10, n/30. Sales invoice No. 101.
Borrowed $17,300 cash from Pacific Bank signing a 6-month, 10% note.
Sold merchandise for $14,300 to J. West on account. Credit terms 1/10, n/30. Sales invoice No. 102.
Issued a credit (reduction) of $3,060 to J. West as an allowance for damaged merchandise previously sold on account.
Received a check from K. Jabbar for $7,800 as partial payment on account.
Record the above transactions in the appropriate journals. (Record entries in the order displayed in the problem statement)
Date
Account Debited
VAUGHN COMPANY
Sales Journal
Invoice No. Ref.
Accounts Receivable Dr.
Sales Revenue Cr.
$1
Cost of Goods Sold Dr.
Inventory Cr.
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