Chapter 5, Problem 5.4SE

Journalizing sales transactions

Journalize the following sales transactions for Paul Sportswear. Explanations are not required.

Aug. 1	Paul sold $66,000 of women’s sportswear on account, credit terms are 2/10, n/30. Cost of goods is $33,000.
5	Paul received a $5,000 sales return on damaged goods from the customer. Cost of goods damaged is $2,500.
10	Paul receives payment from the customer on the amount due, less the return and discount.