Question

Tsang Corporation operates in a state with no sales tax. The company uses the perpetual inventory system. DATE TRANSACTIONS 2019 June 5 Sold merchandise on account to Benson Company; issued Sales Slip 1200 for $1,065, terms n/30. The cost of the merchandise sold was $737. 15 Recorded cash sales, $2,120. The cost of merchandise sold was $1,538. 30 Received payment on account due from Benson Company for the sale on June 5. Record these transactions in a general journal. View transaction list Journal entry worksheet 2345 Sold merchandise on account to Benson Company; issued Sales Slip 1200 for $1,065, terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit

Answer 1

Solution:

	Journal Entries
No.	Date	Account Title	Debit	credit
1	05-Jun	Accounts Receivable	$1,065
		Sales Revenue		$1,065
2	05-Jun	Cost of Goods sold	$737
		Inventory		$737
3	15-Jun	Cash	$2,120
		Sales Revenue		$2,120
4	15-Jun	Cost of Goods sold	$1,538
		Inventory		$1,538
5	30-Jun	Cash	$1,065
		Accounts Receivable		$1,065