Journalize the following sales transactions for Smith Printing Equipment using the periodic inventory system. Explanations are not required
March 2 Smith sold $45,800 of printing equipment on account, credit terms 2/10, n/EOM
March 5 Smith received a $2,500 sales return on damaged goods from the customer
March 11 Smith received payment from the customer on the amount due.
What will be an ideal response
Date Accounts and Explanation Debit Credit
March 2 Accounts Receivable 45,800
Sales Revenue 45,800
March 5 Sales Returns and Allowances 2,500
Accounts Receivable 2,500
March 11 Cash ($43,300 âˆ' $866 ) 42,434
Sales Discounts ($43,300 x 0.02 ) 866
Accounts Receivable ($45,800 âˆ' $2,500 ) 43,300
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