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Journalize, record, and post when appropriate the following transactions in the general journal (page 2) (all sales carry terms of 2/10,n/30 ): (Click the icon
Journalize, record, and post when appropriate the following transactions in the general journal (page 2) (all sales carry terms of 2/10,n/30 ): (Click the icon to view the transactions.) Use the following account numbers: Accounts Receivable, 112; Sales, 411; Sales Returns and Allowances, 412; Sales Discounts, 413. The company uses the periodic system. Journalize the transactions. (Record debits first, then credits. Exclude explanations from journal entries. For purposes of this problem, ignore posting references.) August 16: Sold merchandise on account to Orna Co., invoice no. 1,$1,120. August 18: Sold merchandise on account to Genie Co., invoice no. 2,$2,400. August 20: Issued credit memorandum no. 1 to Genie Co. for defective merchandise, $680. Record the transactions to the accounts receivable subsidiary ledger and determine the ending balance of each account. Use transaction dates as posting references. Review the journal entries prepared above. Post the transactions to the general ledger and determine the ending balance of each account. Use transaction dates as posting references. (If an account balance is zero, leave the Bal. line blank. Do not enter a zero, "0".) Review the journal entries prepared above
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