Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account es. CNOW joumals do not use ines tor joumal explanations Every line on a journal page is used for debit or credit ents. CNOW journals wit automaticaly indent a credit entry when a credit amount s entered Mar Sold merchandise on account, $94,800 with terms 2/10, na0. The cost ot tbe.mershandse sold was $56,900. 9 Received payment less the discount. 13 Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account itles. CNOW journals do not use ines for jounal
explanations. Every Nne on a journal page is used for debit or aredit ents. CNOW journals will automaticaly indent a credit entry when a credit amount s entered.
1 Sold merchandise on account, $94,800 with terms 2/10, n30. The sost.ot the merchandise nold was
Mar.
$56,900.
Received payment les the discount.
13
Issued a $500 oredit memo for damaged merchandise. The customer agreed to keep the merchandise
Transcribed Image Text:Instructions Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account itles. CNOW journals do not use ines for jounal explanations. Every Nne on a journal page is used for debit or aredit ents. CNOW journals will automaticaly indent a credit entry when a credit amount s entered. 1 Sold merchandise on account, $94,800 with terms 2/10, n30. The sost.ot the merchandise nold was Mar. $56,900. Received payment les the discount. 13 Issued a $500 oredit memo for damaged merchandise. The customer agreed to keep the merchandise
ALLUARTNG EUATION
DATE
OKSCRIPTION
POST REK.
Mar 1 Sales
CHEDIT
ASSETS
Equ
92,904.00
Accounts Receivable
92.904.00
Mar. 1 Cost of Merchandise Sold
56.900.00"
Merchandise Inventory
56,900.00
Mar. 9 Accounts Receivable
92,904.00
Cash
92,90400
Transcribed Image Text:ALLUARTNG EUATION DATE OKSCRIPTION POST REK. Mar 1 Sales CHEDIT ASSETS Equ 92,904.00 Accounts Receivable 92.904.00 Mar. 1 Cost of Merchandise Sold 56.900.00" Merchandise Inventory 56,900.00 Mar. 9 Accounts Receivable 92,904.00 Cash 92,90400
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