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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Record the following transactions in general journal form.

  1. a. Sold merchandise on account to D. North, invoice no. 4556, $2,515.25.
  2. b. Sold merchandise on account to NexStar Industries, invoice no. 4557, $775.00.
  3. c. NexStar Industries returned $225.50 worth of the merchandise. Issued credit memo no. 101.

a.

To determine

Prepare journal entry to record the given transaction.

Explanation

Merchandise Inventory:

Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a trader, to be sold within a year. Merchandise Inventory is a current asset account which includes all the costs incurred to acquire merchandise, and process it further for sale.

Date Account Titles and explanation Debit ($) Credit ($)
  Accounts receivable 2,515.25  
       Sales   2,515...

b.

To determine

Prepare journal entry to record the given transaction.

c.

To determine

Prepare journal entry to record the given transaction.

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