5.5 September Accounts 5.5.1. -5-5-4 The Initial Sales On September 16, the following business transaction occurred: S1. The first sale, $100 gift basket was paid in cash. S2. The second sale, 25 jars Italian Pesto is fully on credit. S3. The third sale, 100 lbs. Colombian coffee is partly on cash and partly on credit. 4 Item 1 Largeon Basket 25 Jars Halian Peste 100 lbs. Colombian Coffee Sale Amount Cash Received Credit Provided Change in Inventory coos $100 5100 SD 3500 50 5600 $300 500 5400 5150 $250 5200 20 Using the Exhibits on the following pages, please do the following: D. Record journal entries for the initial sales transactions (Exhibit 4) E. Posting these journal entries to the T-accounts (Exhibit 5) 5.5 September Accounts 5.5.1. -5-5-4 The Initial Sales On September 16, the following business transaction occurred: S1. The first sale, $100 gift basket was paid in cash. S2. The second sale, 25 jars Italian Pesto is fully on credit. S3. The third sale, 100 lbs. Colombian coffee is partly on cash and partly on credit. 4 Item 1 Largeon Basket 25 Jars Halian Peste 100 lbs. Colombian Coffee Sale Amount Cash Received Credit Provided Change in Inventory coos $100 5100 SD 3500 50 5600 $300 500 5400 5150 $250 5200 20 Using the Exhibits on the following pages, please do the following: D. Record journal entries for the initial sales transactions (Exhibit 4) E. Posting these journal entries to the T-accounts (Exhibit 5)