Journalize the following transactions for the seller, Williams 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.December 7Sold goods costing $4,800 to Evans Company on account, $8,000, terms 1/10, n/30. The goods are soldFOB shipping_point, freight prepaid by seller, $380.December 13. Evans Company returned damaged merchandise previously purchased on account, $1,600.December 18 Received the amount due from Evans Company.Note: The entry to record the shipping payment to the delivery company is not required in this problem.DateAccount TitleDebitCredit$01Aa Dropdown Options are:- Account Payable - Account Receivable - Cash - Cost of Good Sold Purchase Discounts Lost - Freight Out - Merchandise Inventory - Prepaid Rent - Rent Expense - Sales - Sales Discounts - SalesReturn and Allowances Supplies - Supplies Expense

Journal entries are a part of the accounting system which identifies, evaluates, and records the…

Journalize the following transactions for the seller, Williams 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. December 7 December 13 December 18 Evans Company returned damaged merchandise previously purchased on account, $1,600. Received the amount due from Evans Company. Note: The entry to record the shipping payment to the delivery company is not required in this problem. Sold goods costing $4,800 to Evans Company on account, $8,000, terms 1/10, n/30. The goods are sold FOB shipping_point, freight prepaid by seller, $380. Date Account Title Debit Credit 61)

Journalize the following transactions for the seller, Williams 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. December 7 December 13 December 18 Evans Company returned damaged merchandise previously purchased on account, $1,600. Received the amount due from Evans Company. Note: The entry to record the shipping payment to the delivery company is not required in this problem. Sold goods costing $4,800 to Evans Company on account, $8,000, terms 1/10, n/30. The goods are sold FOB shipping_point, freight prepaid by seller, $380. Date Account Title Debit Credit 61)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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