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21 June, 20:00

Journalize the following inventory merchandise transactions, assuming that the Conquest company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Conquest purchased $1,500 of merchandise on account. The credit terms were 2/10, n/30. 6 Received payment within the discount period.

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  1. 21 June, 20:09
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    Solution and explanation:

    The following journal entry will be passed for the inventory merchandise transactions

    date accounts & explanation Debit (in dollars) Credit (in dollars)

    Dec 1 Account receivable a/c 13100

    Sales a/c 13100

    The cost of goods sold 8515

    Merchandise inventory a/c 8515

    (To record the sales)

    Dec 6 Cash a/c 12838

    sales discount a/c 262

    Account receivable a/c 13100

    (To record the payment received)

    Thus, these two entries will be passed on December 1, and December 6.
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