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Home Q & A Board Other Fields Homework Help Business Accounting
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wizspero wizspero
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5 years ago
Journalize the following sales transactions for Outdoor Equipment using the periodic inventory system.  Explanations are not required.

July 1Sold $4,200 of equipment on account, credit terms are 3/10, n/30, FOB destination.
July 5Paid  $90 on freight out.
July 8Negotiated a $240 allowance on the goods sold on July 1.
July 11Received payment from the customer for the full amount due on the July 1 sale.
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
Authors:
Read 48 times
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wrote...
#1
5 years ago
 
DateAccounts and ExplanationDebitCredit
July 1Accounts Receivable4,200
       Sales Revenue4,200

July 5Delivery Expense           90
       Cash90

July 8Sales Returns and Allowances        240
       Accounts Receivable240

July 11Cash ($3,960 - $118.80)3,841.20
       Sales Discounts ($3,960  0.03)  118.80
       Accounts Receivable ($4,200 - $240)3,960
wizspero Author
wrote...
#2
5 years ago
Ready for finals now Monkey
wrote...
#3
5 years ago
Good luck my friend!
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