Sales transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $9,200 with terms n/30. The cost of the goods sold was $5,520. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Cost of Goods Sold Inventory Sales Returns and Allowances Accounts Receivable 9,200 5,520 Cash Accounts Payable 9,200 b. Received payment. If an amount box does not require an entry, leave it blank. 5,520 c. Refunded $160 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.
Sales transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $9,200 with terms n/30. The cost of the goods sold was $5,520. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Cost of Goods Sold Inventory Sales Returns and Allowances Accounts Receivable 9,200 5,520 Cash Accounts Payable 9,200 b. Received payment. If an amount box does not require an entry, leave it blank. 5,520 c. Refunded $160 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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