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Fundamental Accounting Principles

Record the following transactions on the books of Essex Co.
(a) On July 1, Essex Co. sold merchandise on account to Harrard Inc. for $16,000, terms 2/10, n/30.
(b) On July 8, Harrard Inc. returned merchandise worth $3,800 to Essex Co.
(c) On July 11, Harrard Inc. paid for the merchandise.

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Hi there,
<br>a) July 1 - sale of merchandise on account
<br>DR: Accounts Receivable 16,000
<br>CR: Sales Revenue 16,000
<br>DR: ...

Solution Summary

This question involves the fundamentals of accounting