Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Journal : Mar. 1 Sold merchandise on account, $76.550 with terms 2/10, n/30. The cost of the merchandise sold was $44.950 Received payment less the discount. Issued a $2.400 credit memo for damaged merchandise. The customer agreed to keep the merchandise. Journalize the merchandise transactions Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered 2 3 9 13 DATE DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT PAGE 10 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Journal
1
2
3
4
Mar.
Journalize the merchandise transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
7
8
1 Sold merchandise on account, $76,550 with terms 2/10, n/30. The cost of the merchandise sold was
DATE
9
13
$44,950.
Received payment less the discount.
Issued a $2,400 credit memo for damaged merchandise. The customer agreed to keep the
merchandise.
DESCRIPTION
JOURNAL
POST. REF.
DEBIT
CREDIT
PAGE 10
ACCOUNTING EQUATION
ASSETS LIABILITIES EQUITY
Transcribed Image Text:Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Journal 1 2 3 4 Mar. Journalize the merchandise transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 7 8 1 Sold merchandise on account, $76,550 with terms 2/10, n/30. The cost of the merchandise sold was DATE 9 13 $44,950. Received payment less the discount. Issued a $2,400 credit memo for damaged merchandise. The customer agreed to keep the merchandise. DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT PAGE 10 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY
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