Record the following sales transactions in general journal form on the books of Collins Company (the seller).a.Sold merchandise on account to Gallagher Company, invoice No. 1501, $2,000; terms 1/10, n/30.b.Issued credit memo No. 125 to Gallagher Company for damaged merchandise, $250.c.Gallagher Company paid the account in full within the discount period.If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent.

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College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 5E

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Record the following sales transactions in general journal form on the books of Collins Company (the seller).

a.	Sold merchandise on account to Gallagher Company, invoice No. 1501, $2,000; terms 1/10, n/30.
b.	Issued credit memo No. 125 to Gallagher Company for damaged merchandise, $250.
c.	Gallagher Company paid the account in full within the discount period.

If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent.

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