Acct

journalize the following merchandise transactions, using the net method under a perpetual inventory system.

a. Sold merchandise on account, $24,600 with terms 1/10, n/30. The cost of the goods sold was $14,760. If an amount box does not require an entry, leave it blank.


Accounts Receivable
24,354
Sales
24,354

Cost of Goods Sold
14,760
Inventory
14,760

b. Received payment less the discount. If an amount box does not require an entry, leave it blank.


Cash
24,600(wrong)
Accounts Receivable
24,600(wrong)
Feedback
(b) The exercise assumes the invoice will be paid within the discount period, so the seller records the sale at the discounted amount.

c. Refunded $420 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.


Customer Refunds Payable
420
Cash
420

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