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Question 6.2: Sales Transactions Journalize the following merchandise tran......

Sales Transactions

Journalize the following merchandise transactions:

a. Sold merchandise on account, $7,500 with terms 2/10, n/30. The cost of the merchandise sold was $5,625.

b. Received payment less the discount.

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a.       Accounts Receivable . . . . . . . .. . . . . . . . . . . . . . . . . . . . .  7,500

Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                        7,500
Cost of Merchandise Sold . . . . . . . . . . . . . . . . . . . . . . . . .    5,625
Merchandise Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . .                         5,625

b.      Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     7,350

Sales Discounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      150
Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                        7,500

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