Chapter 5, Problem 5.27E

Journalizing sales transactions-periodic inventory system

Journalize the following sales transactions for Double Z Archery using the periodic inventory system. Explanations are not required.

Aug. 1	Sold $7,800 of equipment on account, credit terms are 2/10, n/30.
3	Received a $300 sales return on damaged goods from the custome r.
8	Double z received payment from the customer on the amount due f rom Aug. 1, less the return and discount.
15	Sold $3,200 of equipment on account, credit terms are 2/10, n/45, FOB destination.
15	Double Z paid $140 on freight out.
20	Double Z negotiated a $700 allowance on the goods sold on Aug. 15.
24	Received payment from the customer on the amount due from Aug. 15, less the allowance and discount.