Journalize the following transactions for a merchandiser that uses the perpetual inventory system
On January 8, inventory was sold for $6,000 on account. Credit terms were 3/15, n/30 (cost $4,500 )
On January 17, cash was received in full settlement of the January 8 sale.
What will be an ideal response
Jan. 8 Accounts Receivable 6,000
Sales 6,000
Cost of Goods Sold 4,500
Merchandise Inventory 4,500
Jan. 17 Cash 5,820
Sales Discounts ($6,000 x .03 ) 180
Accounts Receivable 6,000
You might also like to view...
As a result of the search for alternatives through internal and external information sources, customers form three different sets of options. The ________ set is the set of products from which the customer will choose to purchase
A) evoked B) purchase C) inert D) prioritized
The first step in reducing setup times is the separation of setup into preparation activities and actual setup, so that as much work as possible can be done while the machine or process is operating
Indicate whether the statement is true or false