The following were selected from among the transactions completed by Essex Company during March of the current year:Mar. 2.Sold merchandise on account to Parsley Co., $32,000, terms 1/10, n/30. The cost of the merchandise sold was $18,500. 8.Sold merchandise on account to Tabor Co., $24,000, terms 2/10, n/30. The cost of the merchandise sold was $14,400. 11.Received payment on account for the sale of March 2 less the discount. 20.Received payment on account for the sale of March 8.Journalize the March transactions using the gross method of recording sales discounts. If an amount box does not require an entry, leave it blank.Mar. 2Accounts Receivable-Parsley Co. fill in the blank 2fill in the blank 3 Sales fill in the blank 5fill in the blank 62Cost of Goods Sold fill in the blank 8fill in the blank 9 Inventory fill in the blank 11fill in the blank 128Accounts Receivable-Tabor Co. fill in the blank 14fill in the blank 15 Sales fill in the blank 17fill in the blank 188Cost of Goods Sold fill in the blank 20fill in the blank 21 Inventory fill in the blank 23fill in the blank 2411Cash fill in the blank 26fill in the blank 27 Sales fill in the blank 29fill in the blank 30 Accounts Receivable-Parsley Co. fill in the blank 32fill in the blank 3320Cash fill in the blank 35fill in the blank 36 Accounts Receivable-Tabor Co. fill in the blank 38fill in the blank 39

Journal entries are passed following the golden rules of accounting Debit all assets and expenses…

Answered: The following were selected from among…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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The following were selected from among the transactions completed by Essex Company during March of the current year:

Mar.	2.	Sold merchandise on account to Parsley Co., $32,000, terms 1/10, n/30. The cost of the merchandise sold was $18,500.
	8.	Sold merchandise on account to Tabor Co., $24,000, terms 2/10, n/30. The cost of the merchandise sold was $14,400.
	11.	Received payment on account for the sale of March 2 less the discount.
	20.	Received payment on account for the sale of March 8.

Journalize the March transactions using the gross method of recording sales discounts. If an amount box does not require an entry, leave it blank.

Mar. 2	Accounts Receivable-Parsley Co.	fill in the blank 2	fill in the blank 3
	Sales	fill in the blank 5	fill in the blank 6
2	Cost of Goods Sold	fill in the blank 8	fill in the blank 9
	Inventory	fill in the blank 11	fill in the blank 12
8	Accounts Receivable-Tabor Co.	fill in the blank 14	fill in the blank 15
	Sales	fill in the blank 17	fill in the blank 18
8	Cost of Goods Sold	fill in the blank 20	fill in the blank 21
	Inventory	fill in the blank 23	fill in the blank 24
11	Cash	fill in the blank 26	fill in the blank 27
	Sales	fill in the blank 29	fill in the blank 30
	Accounts Receivable-Parsley Co.	fill in the blank 32	fill in the blank 33
20	Cash	fill in the blank 35	fill in the blank 36
	Accounts Receivable-Tabor Co.	fill in the blank 38	fill in the blank 39

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