Journalize the following transactions for the seller, Mitchell 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. November 4 Sold goods costing $6,600 to Watson Company on account, $11,000, terms 2/10, n/30. The goods are sold EQB shipping point. freight preg by seller, $470. November 10 Watson Company returned damaged merchandise previously purchased on account, $2,600. November 14 Received the amount due from Watson Company, Note: The entry to record the shipping payment to the delivery company is not required in this problem.
Journalize the following transactions for the seller, Mitchell 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. November 4 Sold goods costing $6,600 to Watson Company on account, $11,000, terms 2/10, n/30. The goods are sold EQB shipping point. freight preg by seller, $470. November 10 Watson Company returned damaged merchandise previously purchased on account, $2,600. November 14 Received the amount due from Watson Company, Note: The entry to record the shipping payment to the delivery company is not required in this problem.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer in text form please (without image), Note: .Every entry should have narration please
Transcribed Image Text:Journalize the following transactions for the seller, Mitchell 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.
November 4
Sold goods costing $6,600 to Watson Company on account, $11,000, terms 2/10, n/30. The goods are sold EOB shipping point, freight prepaid
by seller, $470.
November 10
November 14
Watson Company returned damaged merchandise previously purchased on account, $2,600.
Received the amount due from Watson Company,
Note: The entry to record the shipping payment to the delivery company is not required in this problem.
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