Question

Prepare the journal entries for the transactions below:

Credit terms for all sales on account are 2/10, n/30. Huff Fitness uses a perpetual inventory system and therefore records the cost of merchandise sold as well as the sale.

Apr 11   Received a check for $5,733.00 from Miami Connection in payment of Inv #301 for $5,850.00, less discount.

Apr 12   Received a check for $11,919.25 from Day & Night Fitness Centers in payment of Inv #302 for $12,162.50.

Apr 13   Issued check # 2206 for $13,000.00 to Payroll for biweekly salaries: sales salaries, $8,000; office salaries, $5,000.

Apr 13   Cash sales for Apr 8-13 were $36,120. The COGS is $23,116.80.

Answer 1

Date	Accounts	Debit	Credit
Apr 11	Cash	5733
	Discount and allowances	117
	Accounts receivable		5850
Apr 12	cash	11919.25
	Discount and allowances	243.25
	Accounts receivable		12162.50
Apr 13	Sales salaries expense	8000
	Office salaries expense	5000
	Cash		13000
Apr 13	cash	36120
	Sales revenue		36120
	Cost of goods sold	23116.80
	Inventory		23116.80