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?Journalize Loondance ' s July transactions. ( You do not need to record the cost of goods sold or inventory entry or ?entries. )
?Journalize Loondances July transactions.You do not need to record the cost of goods sold or inventory entry or ?entries.Record debits ?first, then credits. Exclude explanations from any journal ?entries.
July 2 July 3 Sold $90,000 of merchandise to Odom Jewels on account. Sold $11,000 of merchandise to Babbar Crystals, which paid by credit card. The credit card company charges Loondance a fee of 2% on credit card sales. July 16 Odom Jewels paid the balance of what it owed for the purchase on July 2. July 17 July 19 Sold $85,000 of merchandise to Pagala Stones on account. Pagala Stones noticed that some of the merchandise received was damaged, so it returned $8,000 worth of merchandise to Loondance. July 30 Pagala Stones paid the balance of what it owed for the purchase on July 17.
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