Journalize the following merchandise transactions:
a. Sold merchandise on account, $60,000 with terms 1/10, n/30. The cost of the merchandise sold was $40,000.
b. Received payment less the discount.
Answer:
a. Accounts Receivable ................................................... 60,000
Sales ........................................................................ 60,000
Cost of Merchandise Sold........................................... 40,000
Merchandise Inventory........................................... 40,000
b. Cash ....................................................................59,400
Sales Discounts ........................................................... 600
Accounts Receivable.............................................. 60,000
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