Mason Lawn Equipment uses a perpetual inventory system. Journalize the following sales transactions for this company. Explanations are not required

May 18 Sold $26,000 of merchandise on account, credit terms are 1/10, n/30, FOB destination

Cost of goods is $15,600.
May 22 Mason negotiated a $600 allowance on the goods sold on May 18.
May 24 Mason paid freight of $450.
May 26 Mason receives payment for the customer for the amount due from the
May 18 sale.

What will be an ideal response

Date Accounts and Explanation Debit Credit

May 18 Accounts Receivable 26,000
Sales Revenue 26,000
Cost of Goods Sold 15,600
Merchandise Inventory 15,600
May 22 Sales Returns and Allowances 600
Accounts Receivable 600
May 24 Delivery Expense 450
Cash 450
May 26 Cash ($25,400 - $254 )
Sales Discounts ($25,400 x 0.01 ) 25,146
254
Accounts Receivable ($26,000 - $600 ) 25,400