Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $9,100 with terms 1/10, n/30. The cost of the merchandise sold was $5,460. Sale Cost b. Received payment less the discount. c. Issued a credit memo for returned merchandise that was sold for $10,700 terms n/30. The cost of the merchandise returned was $6,420 Refund Inventory
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $9,100 with terms 1/10, n/30. The cost of the merchandise sold was $5,460. Sale Cost b. Received payment less the discount. c. Issued a credit memo for returned merchandise that was sold for $10,700 terms n/30. The cost of the merchandise returned was $6,420 Refund Inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sales Transactions
Journalize the following merchandise transactions:
a. Sold merchandise on account, $9,100 with terms 1/10, n/30. The cost of the merchandise sold was $5,460.
Sale
Cost
b. Received payment less the discount.
c. Issued a credit memo for returned merchandise that was sold for $10,700 terms n/30. The cost of the merchandise returned was $6,420.
Refund
Inventory
4
Transcribed Image Text:Transactions for Buyer and Seller
Wilmington Co. sold merchandise to Angelleti Co. on account, $8,000, terms 2/15, n/30. The cost of merchandise sold is $4,800. Assume all
discounts are taken.
Journalize Wilmington Co.'s entries for (a) the sale on account and (b) the collection of the amount due.
(a)
(b)
0 0 0 0.
00:00
Journalize Angelleti Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due.
(a)
(b)
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