please answer all with working Sales TransactionsJournalize 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.SaleCostb. 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.RefundInventory4 Transactions for Buyer and SellerWilmington Co. sold merchandise to Angelleti Co. on account, $8,000, terms 2/15, n/30. The cost of merchandise sold is $4,800. Assume alldiscounts 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 0.00:00Journalize 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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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

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
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