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3 February, 19:30

Journalize the following merchandise transactions: a. Sold merchandise on account, $17,300, with terms 2/10, net 30. The cost of the merchandise sold was $12,600. Sale Cost b. Received payment within the discount period.

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  1. 3 February, 19:53
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    a. Accounts Receivable Debit $ 17,300

    Sales Revenue Credit $ 17,300

    To record sales on account

    Cost of goods sold Debit $ 12,600

    Inventory Credit $ 12,600

    To record cost of goods of sales made

    b. Cash Debit $ 16,954

    Sales Discounts allowed Debit $ 346

    Accounts Receivable Credit $ 17,300

    Explanation:

    The payment for the sales has been made within the discount period, it is calculated as under:

    $ 17,300 * 2 % = $ 346
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