Sasser Company uses a sales journala cash receipts journal, and a general journal to record transactions with its customers. The cost of all merchandise sold was 70% of the sales price.

Sasser Company uses a sales journal, a cash receipts journal, and a general journal to record transactions with its customers. The cost of all merchandise sold was 70% of the sales price. July 2 July 5 July 8 July 10 Sold merchandise for $21,000 to B. Stine on account. Credit terms 2/10,n/30. Sales invoice No. 100. Received a check for $800 from R. Hyatt in payment of his account Sold merchandise to F. Wendel for $900 cash. Received a check in payment of Sales invoice No. 100 from B. Stine minus the 2% discount. Sold merchandise for $9.000 to J. Nott on account Credit terms 2/10, 1/30. Sales invoice No. 101. Borrowed $25,000 cash from United Bank signing a 6 month, 10% note Sold merchandise for $18,000 to C. Karn on account. Credit terms 2/10, 1/30, Sales invoice No. 102 Issued a credit memorandum for $600 to C. Karn as an allowance for damaged merchandise previously sold on July 15 July 18 July 20 July 25 account. July 31 Received a check from J. Nott for $5,000 as payment on account Record the transactions in the sales journal. (Record the transactions as presented in the problem.) SASSER COMPANY Sales Journal Date Account Debited Invoice No. Ref. Accounts Receivable Dr. Sales Revenue Cr Cost of Goods Sold Dr. Inventory Cr. PM Attempts: 0 of 3 used Submit Answer Save for later