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Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $78,600 with terms 1/10, n/30. The cost of the merchandise sold was $47,200.

Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $78,600 with terms 1/10, n/30. The cost of the merchandise sold was $47,200. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable fill in the blank b408b3fa8fce01a_2 78,600 fill in the blank b408b3fa8fce01a_3 Sales fill in the blank b408b3fa8fce01a_5 fill in the blank b408b3fa8fce01a_6 78,600 Cost Cost of Merchandise Sold fill in the blank b408b3fa8fce01a_8 47,200 fill in the blank b408b3fa8fce01a_9 Merchandise Inventory fill in the blank b408b3fa8fce01a_11 fill in the blank b408b3fa8fce01a_12 47,200 Feedback (a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, revenue on account is recorded by debiting Accounts Receivable and crediting Sales. A second entry records the cost of the merchandise sold with a debit and merchandise inventory is credited. b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash fill in the blank d93e5806f016046_2 47,200 fill in the blank d93e5806f016046_3 Accounts Receivable fill in the blank d93e5806f016046_5 fill in the blank d93e5806f016046_6 47,200 Feedback (b) Consider the accounts that need to be debited and credited when a customer pays on their account. c. Issued a $900 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. Customer Refunds Payable fill in the blank 5901b204cfe3f8a_2 900 fill in the blank 5901b204cfe3f8a_3 Accounts Receivable fill in the blank 5901b204cfe3f8a_5 fill in the blank 5901b204cfe3f8a_6 900

Sales Transactions

Journalize the following merchandise transactions:

a. Sold merchandise on account, $78,600 with terms 1/10, n/30. The cost of the merchandise sold was $47,200. If an amount box does not require an entry, leave it blank.

Sale Accounts Receivable fill in the blank b408b3fa8fce01a_2 fill in the blank b408b3fa8fce01a_3
Sales fill in the blank b408b3fa8fce01a_5 fill in the blank b408b3fa8fce01a_6
Cost Cost of Merchandise Sold fill in the blank b408b3fa8fce01a_8 fill in the blank b408b3fa8fce01a_9
Merchandise Inventory fill in the blank b408b3fa8fce01a_11 fill in the blank b408b3fa8fce01a_12

Feedback

(a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, revenue on account is recorded by debiting Accounts Receivable and crediting Sales. A second entry records the cost of the merchandise sold with a debit and merchandise inventory is credited.

b. Received payment less the discount. If an amount box does not require an entry, leave it blank.

Cash fill in the blank d93e5806f016046_2 fill in the blank d93e5806f016046_3
Accounts Receivable fill in the blank d93e5806f016046_5 fill in the blank d93e5806f016046_6

Feedback

(b) Consider the accounts that need to be debited and credited when a customer pays on their account.

c. Issued a $900 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank.

Customer Refunds Payable fill in the blank 5901b204cfe3f8a_2 fill in the blank 5901b204cfe3f8a_3
Accounts Receivable fill in the blank 5901b204cfe3f8a_5 fill in the blank 5901b204cfe3f8a_6

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