Prepare journal entries for the following transactions. Aug. 4 Sold merchandise on account to S. Miller for $400 plus sales tax of 4%, with 2/10, n/30 cash discount terms. 6 Sold merchandise on account to K. Krtek for $220 plus sales tax of 4%. 10 S. Miller returned merchandise purchased on August 4 for $40 plus sales tax for credit. 13 S. Miller paid the balance due on her account. 15 K. Krtek returned merchandise purchased on August 6 for $50 plus sales tax for credit. 20 K. Krtek paid the balance due on his account.
Prepare journal entries for the following transactions. Aug. 4 Sold merchandise on account to S. Miller for $400 plus sales tax of 4%, with 2/10, n/30 cash discount terms. 6 Sold merchandise on account to K. Krtek for $220 plus sales tax of 4%. 10 S. Miller returned merchandise purchased on August 4 for $40 plus sales tax for credit. 13 S. Miller paid the balance due on her account. 15 K. Krtek returned merchandise purchased on August 6 for $50 plus sales tax for credit. 20 K. Krtek paid the balance due on his account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prepare
| Aug. 4 | Sold merchandise on account to S. Miller for $400 plus sales tax of 4%, with 2/10, n/30 cash discount terms. | |
| 6 | Sold merchandise on account to K. Krtek for $220 plus sales tax of 4%. | |
| 10 | S. Miller returned merchandise purchased on August 4 for $40 plus sales tax for credit. | |
| 13 | S. Miller paid the balance due on her account. | |
| 15 | K. Krtek returned merchandise purchased on August 6 for $50 plus sales tax for credit. | |
| 20 | K. Krtek paid the balance due on his account. |
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