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Please help with journalizing AND posting (the following accounts are used in the ledger: cash, accounts receivable, merchandise inventory, accounts payable, sales, cost of merchandise
Please help with journalizing AND posting (the following accounts are used in the ledger: cash, accounts receivable, merchandise inventory, accounts payable, sales, cost of merchandise sold) Keep in mind the accounts that are used in the ledger must be used when journalizing as well (do not make up accounts) I need postings to journal and ledger, because I am not sure how to complete this. Thank you. Please complete this throughly. PERFORMANCE QUESTION #3 Journalize the following purchases and sales transactions related to merchandise and post them to the appropriate ledger accounts provided: May 10 Purchased $65,000 of merchandise from Atlas Company on account, terms 2/10, n30. Assume you will pay within the discount period. May 16 Paid the amount owed within the discount period for the May 10 purchase. May 20 Discovered that $7,500 of previously purchased merchandise received was defective and returned the items, receiving credit. MY21 Received $7,800 of additional merchandise ordered from Atlas Company on account, terms n/30 May 21 Sold merchandise in a cash sale, $30,000. The cost of the merchandise was $18,000. May 25 sold merchandise on account, $114,000. The cost of the Merchandise sold was $96,000. May 29 sold merchandise to customers who used their MasterCard, $160,000. The cost of the merchandise sold was $106,000
Please help with journalizing AND posting (the following accounts are used in the ledger: cash, accounts receivable, merchandise inventory, accounts payable, sales, cost of merchandise sold)
Keep in mind the accounts that are used in the ledger must be used when journalizing as well (do not make up accounts) I need postings to journal and ledger, because I am not sure how to complete this. Thank you. Please complete this throughly.
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