Sales Transactions

Journalize the following merchandise transactions:

a. Sold merchandise on account, $11,750 with terms 2/10, n/30. The cost of the merchandise sold was $7,050.

Sale	Accounts Receivable
	Sales
Cost	Cost of Merchandise Sold
	Merchandise Inventory

the debit/credit for acc receivable and sales is NOT $11750

b. Received payment less the discount.

c. Issued a credit memo for returned merchandise that was sold for $11,000 terms n/30. The cost of the merchandise returned was $6,600.

Refund
Inventory