a.		Issued credit memo no. 2, $ 36, to LarryLarry Co. An allowance was granted and the customer kept the merchandise. The sale was on account.
b.		Cash sales, $ 179, with a cost of $ 90$90.
c.		Received check from DarcyDarcy Co., $1,000, less 44% discount.
d.		Bought merchandise on account from JeremieJeremie Co., $ 50, invoice no. 20; terms 44/10, n/30.
e.		Cash purchase of merchandise, $ 55.
f.		Issued debit memo to JeremieJeremie Co., $ 10, for merchandise returned from invoice no. 20.

Journalize the following transactions for a perpetual company:

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(Record debits first, then credits. Exclude explanations from journal entries.)

a. Issued credit memo no. 2,

$ 36,

to

LarryLarry

Co. An allowance was granted and the customer kept the merchandise. The sale was on account.

Journal Entry
		Accounts	PR	Dr.	Cr.
a.

b. Cash sales,

$ 179,

with a cost of

$ 90$90.

Record the sale. (Do not record the expense related to the sale with this entry. We will do that in the following step.)

Journal Entry
		Accounts	PR	Dr.	Cr.
b.

Now record the cost related to the sale in transaction b.

Journal Entry
		Accounts	PR	Dr.	Cr.
b.

c. Received check from

DarcyDarcy

Co.,

$ 1 comma 000$1,000,

less

44%

discount. (Round to the nearest cent, X.XX.)

Journal Entry
		Accounts	PR	Dr.	Cr.
c.

d. Bought merchandise on account from

JeremieJeremie

Co.,

$ 50,

invoice no. 20; terms

44/10,

n/30.

Journal Entry
		Accounts	PR	Dr.	Cr.
d.

e. Cash purchase of merchandise,

$ 55.

Journal Entry
		Accounts	PR	Dr.	Cr.
e.

f. Issued debit memo to

JeremieJeremie

Co.,

$ 10,

for merchandise returned from invoice no. 20.

Journal Entry
		Accounts	PR	Dr.	Cr.
f.