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Need the required and the analyze at the bottom Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash recelpts
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Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash recelpts for the firm during April 20X1 follow. The firm sells its merchandise for cash and on open account. During April, Incredible Sounds engaged in the following transactions: DATE TRAMSACrIONS 201 Mpri1 1 sold merchandise for $2,700 to Mlto Maeic Centeri issued Invoice 3912 with terms of 2/10, n/30. 3 Received a check for $1,078 from Masie Supply store in payment of Invoice 2718 of March 25 (\$1,100), less eash dircount ($22). 5 sold merchandise totaling $1,275 in cash to a new customer who han not yet established credit. 7. Merchandise of $75 sold on Apri1 5 is returned for a cash refund. 8 Sold merchandise for $4,700 to Music Warehouse: insued Involce 3913 with terme of 2/10, n/30. 10 Received payment from Alto Musie Center in payment of invoice 3912 , less cash diecount. 15 hecepted a return of damaged merchandise from Musio Warehouse; issued Credit Menorandum 105 for \$1,400. The original nale was made on Invoice 3913 on Apri1. 8. 17 Heceived payment from Musie Warehouse for the sale of April 8, lesa the return on April 15: Music Warehouso deducted the appropriate cash discount fron its paynent. 19 Received a check for $1,400 as payment in full from oldies Sounds for Involce 3850 dated March 20. 20 Sold merchandiae for $9,400 to Hawk. Musie Center; iasued Invoice 3914 with termo of 2/10, n/30. 25 sold merchandine for $9,000 to Modern Sounds: issued Invoice 3915 with terms of 2/10, n/30. 26 sold merchandise for $6,800 to country Tunes 1 issued Invoice 3916with terms of 2/10, n/30. 27 Accepted a return of danaged merchandise fron Modern sounde $ issued Credit Memorandum 106 tor $320. The original Bale vas made on Invoice 3915 on April 25 . 25 Preceived payment from Hawk Masie Center for the sale of Apri1 20, less cash discount. 30 Sold merchandine for $1,400 to oldies sounds i isaued Involce 3917 with terms of 2/10, n/30. Required: Record the transactions in a general journal. Analyze: What was the amount of the cash discount taken by Hawk Music Center on April 29 Step by Step Solution
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