Question
1) Eagle View purchases $900 in office supplies on account from Office Shop. The terms are net 30 2) Eagle View makes its first sale
1) Eagle View purchases $900 in office supplies on account from Office Shop. The terms are net 30
2) Eagle View makes its first sale on account to Happy Times. It sells 10 units for $800 each. Sales tax is 5%. The terms are 2-15, net 30
2a) You record the inventory portion of the sale.
3) You record Eagle Views first week of cash sales of 20 units for $800 each. Again, sales tax is 5%
3a) You record the inventory portion of the weekly sales
4) Eagle View receives the utility bill for the month and Ron Rosen plans to pay it soon. The total amount due is $600, payable net 30.
5) Eagle View has a cash customer return 5 units because they are the wrong color. Rosen refunds the money including sales tax.
5a) You record the inventory portion of the return.
How would I make these journal entries?
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