Sales-related transactions

Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $38,800, terms n/30. The cost of the goods sold is $23,300. Showcase Co. issues a credit memo for $7,800 for merchandise returned prior to Balboa Co. paying the original invoice. The cost of the merchandise returned is $4,700.

Question Content Area

a. Journalize Showcase Co.'s entries for (1) the sale, including (2) the cost of the goods sold. If an amount box does not require an entry, leave it blank.

Transaction	Account	Debit	Credit
(1)
(2)

Question Content Area

b. Journalize Showcase Co.'s entries for (1) the credit memo, including (2) the cost of the returned merchandise. If an amount box does not require an entry, leave it blank.

Transaction	Account	Debit	Credit
(1)
(2)

Question Content Area

c. Journalize Showcase Co.'s entry for the receipt of the check for the amount due from Balboa Co. If an amount box does not require an entry, leave it blank.

blank	Account	Debit	Credit
blank