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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Solution Summary
The expert journalizes and posts the transactions.
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