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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Cash
Accounts Payable
5,520
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.
Transcribed Image Text: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 Cash Accounts Payable 5,520 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.
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