Journalize the following merchandise transactions: a. Sold merchandise on account, $21,950 with terms 2/10, n/30. The cost of the merchandise sold was $13,170. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory Cash - Accounts Receivable 21,950 13,170 b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Customer Refunds Payable Accounts Receivable 21,950 13,170 c. Issued a $1,000 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. 81

Journalize the following merchandise transactions: a. Sold merchandise on account, $21,950 with terms 2/10, n/30. The cost of the merchandise sold was $13,170. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory Cash - Accounts Receivable 21,950 13,170 b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Customer Refunds Payable Accounts Receivable 21,950 13,170 c. Issued a $1,000 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. 81

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
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