Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $18,000 with terms 1/10, n/30. The cost of the goods sold was $10,800. If an amount box does not require an entry, leave it blank. b. Received payment less the discount. If an amount box does not require an entry, leave it blank. c. Refunded $600 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.

Q: Which of the following is related to Scientific system of maintaining accounts?

A: Double entry system is the scientific system of  maintaining accounts

Q: What information is each type of document supposed to provide?

A: Answer: There are different types of documents which provide various information.

Q: What is a memorandum entry? Why it is done?

A: A memorandum entry is different from the journal entries. The memorandum entry is not recorded by…

Q: What about the transactions in general journal

A: Introduction:- A general journal is used to record of a company’s financial transactions. It play…

Q: 1. What are the advantages of the use of a ledger? 2. What are the steps in posting from Journal to…

A: Introduction:- Ledger is a collection of all accounts debited and credited in the journal. It assist…

Q: What are the accounts written off? Explain with example?

A: Accounts written off means those debtors or accounts receivables from which money can no longer be…

Q: What is a ledger?

A: Accounting: Accounting can be defined as the process of identifying the business transaction,…

Q: Where are transactions initially recorded?

A: The primary point where the financial transaction, which is initiated or effected by entity during a…

Q: What would the journal entry be?

A: A pension plan is usually an agreement between the employer and employee wherein, the employer…

Q: ow is forcasting part of the bookkeeping proces

A: Bookkeeping involves several tasks, including recording transactions, posting debits and credits,…

Q: What are finanicial transactions?

A: Transaction process system: It is a transaction process system can be defined as a system which is…

Q: Describe how accounts are used to record information about the effects oftransactions?

A: Firstly the transaction are recorded in the original books i.e. Journal, when the transactions are…

Q: What is the purpose of a journal? What is the purpose of a general ledger?

A: Journal entries: A journal entry is recorded for every business transaction. It is the first step in…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is