Sales revenues were $20,000, Sales returns and allowances were $300, Sale discounts were $700, This...
Sales revenues were $20,000, Sales returns and allowances were $300, Sale discounts were $700,
This was originally booked as accounts receivable $ 20,000 and sales $20,000. Cost of goods sold were $12,000 and all other expenses totaled $4,500 What are net sales? Assume all transactions are in cash and book journal entries for original sale, sale discounts ad returns.
4) Prepare entries for a credit sale of $100,000 terms 2/10 N30 using the gross method.
5) Prepare entries for all the cash being received by the 8th day from the sale
Homework Answers
a) Net Sales = Sales -Sales return and allowance-Sales discount = 20000-300-700 = 19000
4) Journal entry
| Date | account and explanation | Debit | Credit |
| Account receivable | 100000 | ||
| Sales revenue | 100000 | ||
| (to record sales) |
5) Journal entry
| Date | account and explanation | Debit | Credit |
| Cash (100000*98%) | 98000 | ||
| Sales discount | 2000 | ||
| Account receivable | 100000 | ||
| (To record collection) |
Add Answer to:
Sales revenues were
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