Corona Company uses a sales journal, a cash receipts journal, and a general journal to record transactions with its customers. Record the following transactions in the appropriate journals. The cost of all merchandise sold was 65% of the sales price. July 2 Sold merchandise for $18,000 to M. Jordan on account. Credit terms 1/10, n/30. Sales invoice No. 100. July Received a check for $1,300 from K. Bryant in payment of his account. 5 July July 8 Sold merchandise to S. O'Neal for $900 cash. 10 Received a check in payment of Sales invoice No. 100 from M. Jordan minus the 1% discount. July 15 Sold merchandise for $7,000 to K. Jabbar on account. Credit terms 1/10, n/30. Sales invoice No. 101. July 18 Borrowed $15,000 cash from Pacific Bank signing a 6-month, 10% note. July 20 Sold merchandise for $12,000 to J. West on account. Credit terms 1/10, n/30. Sales invoice No. 102. July 25 Issued a credit (reduction) of $760 to J. West as an allowance for damaged merchandise previously sold on account. July 31 Received a check from K. Jabbar for $5,500 as payment on account. CORONA COMPANY Sales Journal si Invoice A/R. Dr. COGS. Dr. Date Account Debited No. Ref. Sales Rev. Cr. Inventory. Cr. CORONA COMPANY General Journal
Corona Company uses a sales journal, a cash receipts journal, and a general journal to record transactions with its customers. Record the following transactions in the appropriate journals. The cost of all merchandise sold was 65% of the sales price. July 2 Sold merchandise for $18,000 to M. Jordan on account. Credit terms 1/10, n/30. Sales invoice No. 100. July Received a check for $1,300 from K. Bryant in payment of his account. 5 July July 8 Sold merchandise to S. O'Neal for $900 cash. 10 Received a check in payment of Sales invoice No. 100 from M. Jordan minus the 1% discount. July 15 Sold merchandise for $7,000 to K. Jabbar on account. Credit terms 1/10, n/30. Sales invoice No. 101. July 18 Borrowed $15,000 cash from Pacific Bank signing a 6-month, 10% note. July 20 Sold merchandise for $12,000 to J. West on account. Credit terms 1/10, n/30. Sales invoice No. 102. July 25 Issued a credit (reduction) of $760 to J. West as an allowance for damaged merchandise previously sold on account. July 31 Received a check from K. Jabbar for $5,500 as payment on account. CORONA COMPANY Sales Journal si Invoice A/R. Dr. COGS. Dr. Date Account Debited No. Ref. Sales Rev. Cr. Inventory. Cr. CORONA COMPANY General Journal
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
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