Chapter 5, Problem 5.19E

Journalizing sales transactions

Journalize the following sales transactions for Austin Mall. Explanations are not required.

Jan. 4	Sold $10,000 of antiques on account, credit terms are 1115, n/30. Cost of goods is $5,000.
8	Received a $300 sales return on damaged goods from the customer. Cost of goods damaged is $ 150.
13	Austin Mall received payment from the customer on the amount due from Jan. 4, less the return and discount.
20	Sold $5,200 of antiques on account. credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,600.
20	Austin Mall paid $120 on freight out.
25	Austin Mall negotiated a $500 allowance on the goods sold on Jan. 20.
29	Received payment from the customer on the amount due from Jan. 20, less the allowance and discount.