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.

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Description: Im not really sure how to answer to this question Sales transactionsJournalize 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

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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