Journalize the following transactions for the seller, Hughes Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction. January 7 Sold goods costing $3,000 to Lee Company on account, $5,000, terms 5/10, n/30. The goods are sold FOB shipping point, freight prepaid by seller, $70. January 13 January 17 Received the amount due from Lee Company. Note: The entry to record the shipping payment to the delivery company is not required in this problem. Date Lee Company returned damaged merchandise previously purchased on account, $600. Explanation Account Title Check Debit Credit © 2023 McGraw Hill LLC, All Rights Reserved. Terms of Us
Journalize the following transactions for the seller, Hughes Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction. January 7 Sold goods costing $3,000 to Lee Company on account, $5,000, terms 5/10, n/30. The goods are sold FOB shipping point, freight prepaid by seller, $70. January 13 January 17 Received the amount due from Lee Company. Note: The entry to record the shipping payment to the delivery company is not required in this problem. Date Lee Company returned damaged merchandise previously purchased on account, $600. Explanation Account Title Check Debit Credit © 2023 McGraw Hill LLC, All Rights Reserved. Terms of Us
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Journalize the following transactions for the seller, Hughes Company, using the gross method to account for sales discounts. Assume a perpetual inventory
system. Make sure to enter the day for each separate transaction.
January 7
Sold goods costing $3,000 to Lee Company on account, $5,000, terms 5/10, n/30. The goods are sold FOB shipping point, freight prepaid by
seller, $70.
Lee Company returned damaged merchandise previously purchased on account, $600.
January 13
January 17 Received the amount due from Lee Company.
Note: The entry to record the shipping payment to the delivery company is not required in this problem.
Date
Explanation
Account Title
Check
JAN
27
Debit
Credit
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