a. Sold merchandise on account, $13,100, with terms 2/10, net 30 on December 26. The cost of the goods sold was $8,515. b. Received payment on December 31 within the discount period. Required: Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.
a. Sold merchandise on account, $13,100, with terms 2/10, net 30 on December 26. The cost of the goods sold was $8,515. b. Received payment on December 31 within the discount period. Required: Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 5PB
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![Instructions
a.
Sold merchandise on account, $13,100, with terms 2/10, net 30 on December 26. The cost of the
goods sold was $8,515.
b.
Received payment on December 31 within the discount period.
Required:
Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact
wording of account titles.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e9bcea8-2108-424e-82d9-96d70fdb2eed%2Fbaf80544-8b5c-4998-93ef-ac742f450de6%2F5d0va7t_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Instructions
a.
Sold merchandise on account, $13,100, with terms 2/10, net 30 on December 26. The cost of the
goods sold was $8,515.
b.
Received payment on December 31 within the discount period.
Required:
Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact
wording of account titles.
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