Question

Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $13,300 with terms 1/10, n/30. The cost of the goods sold was $7,980. Sale Accounts Receivable Sales Cost Cost of Goods Sold Inventory Feedback Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, accounts receivable and the sale entry records the cost of the merchandise sold and the reduction of inventory on hand. Learning Objective 2. b. Received payment less the discount. Cash Accounts Receivable Feedback Check My Work (b) The exercise assumes the invoice will be paid within the discount period, so the seller records the sale at the discounted amount. Learning Objective 2. c. Refunded $450 to customer for defective merchandise that was not returned. Customer Refunds Payable Cash Feedback

Answer 1

Date	Account	Debit	Credit
A	Accounts Receivable	13,300
	Sales		13,300
	Cost of Goods Sold	7980
	Inventory		7980
B	Cash	13,167
	Accounts Receivable		13,167
C	Customer refunds payable	450
	Cash		450

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