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    Journalize and Post the transactions

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    April Transaction Dr. Cr.
    2 Merchandise Inventory 6900
    Accounts Payable 6900
    4 Accounts Receivable 5500
    Sales 5500
    Cost of goods sold 4100
    Merchandise Inventory 4100
    5 Freight in 240
    Record payment on freight 240
    6 Sales return and allowance 500
    Accounts Receivable 500
    11 Cash received account 6900
    Amount received after discount 6831
    Discount taken 69
    13 Amount before discount 5500
    Accounts Receivable 5445
    Discount taken 55
    14 Purchases a/c 3800
    Cash 3800
    16 Sales return and allowance 500
    Accounts Receivable 500
    To record credit granted for receipt
    of returned goods.
    18 Merchandise Inventory 4500
    Cash 4500
    20 Freight in 100
    Record payment on freight 100
    23 Cash A/C 6400
    Sales, goods sold for cash 6400
    26 Purchases a/c 2300
    Goods Purchased 2300
    27 Cash received 4410
    Record payment on discount 4500
    Discount taken 90
    29 Sales a/c 90
    goods sold returned 90
    30 debtors a/c 3700
    Sales a/c 3700
    goods sold for credit recorded

    * Please note the chart of accounts includes the following:
    101-cash
    112-accounts receivable
    120-merchandise inventory
    201-accounts payable
    311-common stock
    401-sales
    412-sales returns
    414-sales discounts
    505-cost of goods sold
    644- freight out

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    https://brainmass.com/business/inventory-management/journalize-post-transactions-297953

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    Solution Summary

    The expert journalizes and posts the transactions.

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