v2.cengagenow.com C 64% A CO Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $19,800 with terms 1/10, n/30. The cost of the merchandise sold was $11,880. Sale Accounts Receivable Sales 19,602 19,602 V Cost Cost of Merchandise Sold Merchandise Inventory < Feedback 11,880 11,880 ▼ Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, revenue on account is recorded by debiting Accounts Receivable and crediting Sales. A second entry records the cost of the merchandise sold with a debit and merchandise inventory is credited. b. Received payment less the discount. Cash Check My Work 19,602 Previous Next All work saved. Save and Exit Submit Assignment for Grading

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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v2.cengagenow.com
C
64%
A
CO
Sales Transactions
Journalize the following merchandise transactions:
a. Sold merchandise on account, $19,800 with terms 1/10, n/30. The cost of the merchandise sold was
$11,880.
Sale Accounts Receivable
Sales
19,602
19,602 V
Cost Cost of Merchandise Sold
Merchandise Inventory
<
Feedback
11,880
11,880
▼ Check My Work
(a) When the perpetual inventory system is used, two entries are recorded each time a sale is made.
In the first entry, revenue on account is recorded by debiting Accounts Receivable and crediting Sales.
A second entry records the cost of the merchandise sold with a debit and merchandise inventory is
credited.
b. Received payment less the discount.
Cash
Check My Work
19,602
Previous
Next
All work saved.
Save and Exit
Submit Assignment for Grading
Transcribed Image Text:v2.cengagenow.com C 64% A CO Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $19,800 with terms 1/10, n/30. The cost of the merchandise sold was $11,880. Sale Accounts Receivable Sales 19,602 19,602 V Cost Cost of Merchandise Sold Merchandise Inventory < Feedback 11,880 11,880 ▼ Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, revenue on account is recorded by debiting Accounts Receivable and crediting Sales. A second entry records the cost of the merchandise sold with a debit and merchandise inventory is credited. b. Received payment less the discount. Cash Check My Work 19,602 Previous Next All work saved. Save and Exit Submit Assignment for Grading
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