80.2K

Verified Solution

Link Copied!

Danielson Company uses a sales journal, a cash receipts journal, and a general journal to record transactions with its customers. Record the following transactions in the appropriate journals. The cost of all merchandise sold was 60% of the sales price. July 2 Sold merchandise for $15,000 to B. Pine on account. Credit terms 2/10, n/30. Sales invoice No. 100. July 5 Received a check for $1100 from R. Giger in payment of his account. July 8 Sold merchandise to F. Wenger for $900 cash. July 10 Received a check in payment of Sales invoice No. 100 from B. Pine minus the 2% discount July 15 Sold merchandise for $9,000 to J. Long on account. Credit terms 2/10, n/30. Sales invoice No. 101. July 18 Borrowed $20,000 cash from United Bank signing a 6-month, 10% note. July 20 Sold merchandise for $12,000 to C. Judd on account. Credit terms 2/10, n/30. Sales invoice No. 102. July 25 Issued a credit (reduction) of $800 to C. Judd as an allowance for damaged merchandise previously sold on account. July 31 Received a check from J. Long for $6,500 as payment on account. DANIELSON COMPANY Sales Journal S1 Invoice No. Account Debited Acct. Rec. Dr. Sales Rev. Cr. C. of G. S.Dr. Inventory.Cr. Date Ref. DANIELSON COMPANY General Journal G1 Date Explanations Ref. Debit Credit DANIELSON COMPANY Cash Receipts Journal CR1 Accounts Credited Sales Discounts Dr. Cash Dr. Accounts Rec. Cr. Sales Rev. Cr. Other Accounts C.of G.S.Dr. Cr. InventoryCr. Date Ref

Answer & Explanation Solved by verified expert

See Answer