The following transactions were selected from among those completed by Hailey Retailers in 2014: Nov. 20 Sold two items of merchandise to Baja, who charged

Question

96 users unlocked this solution today!

The following transactions were selected from among those completed by Hailey Retailers in 2014: Nov. 20 Sold two items of merchandise to Baja, who charged the $ 450 sales amount on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. 25 Sold 14 items of merchandise to Christine for $ 2,800; terms 2/ 10, n/ 30. 28 Sold 12 identical items of merchandise to Daoud for $ 7,200; terms 2/ 10, n/ 30. 30 Daoud returned one of the items purchased on the 28th; the item was defective, and credit was given to the customer. Dec. 6 Daoud paid the account balance in full. 30 Christine paid in full the amount due for the purchase on November 25, 2014.
Required:
Prepare the appropriate journal entry for each of these transactions, assuming the company uses the gross method to record sales revenue. Do not record the cost of sales.