Aug. 1 Sold $6,500 of equipment on account, credit terms are 1/10, n/30. 8 Straight Shot received payment from the customer on the amount due from August 1, less the discount. 15 Sold $3,100 of equipment on account, credit terms are n/45, FOB destination. 15 Straight Shot paid $90 on freight out. 20 Straight Shot negotiated a $500 allowance on the goods sold on August 15. 24 Received payment from the customer on the amount due from August 15, less the allowance.

Aug. 1 Sold $6,500 of equipment on account, credit terms are 1/10, n/30. 8 Straight Shot received payment from the customer on the amount due from August 1, less the discount. 15 Sold $3,100 of equipment on account, credit terms are n/45, FOB destination. 15 Straight Shot paid $90 on freight out. 20 Straight Shot negotiated a $500 allowance on the goods sold on August 15. 24 Received payment from the customer on the amount due from August 15, less the allowance.

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Description: Journalizing sales transactions——periodic inventory systemJournalize the following sales transactions for Straight Shot Archery using the periodic inventory system. Explanations are not required. The company estimates sales returns and allowances at

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 2PA: Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32...

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