Journal the following merchandise transactions.

Question

Sold merchandise on account, 74200 with terms 2/10, n/30. The cost of the merchandise sold was 43300 for March 1. Received payment less the discount on March 9.

Answer 1

3 entries:

Accounts Receivable 74,200

Sales Revenue 74,200

Cost of Goods Sold 43,300

Merchandise 43,300

March 9

Cash 72,716

Sales Discount 1,484

Accounts Receivable 74,200