Journalize the following transactions for a perpetual company: 1. Issued credit memo no. 2, $43, to Lenny
Question:
Journalize the following transactions for a perpetual company:
1. Issued credit memo no. 2, $43, to Lenny Co. An allowance was granted and the customer kept the merchandise. The sale was on account.
2. Cash sales, $183, with a cost of $50.
3. Received check from Dolly Co., $45, less 2% discount.
4. Bought merchandise on account from Joseph Co., $31, invoice no.20; terms 3/10, n/30.
5. Cash purchase of merchandise, $16.
6. Issued debit memo to Joseph Co., $9, for merchandise returned from invoice no. 20.
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1 Sales Returns and Allowances 43 Accounts Receivable Lenny Co 43 2 C...View the full answer
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Related Book For
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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