Journalize, record, and post, when appropriate, the following transactions into the sales journal and general...

90.2K

Verified Solution

Question

Accounting

image

Journalize, record, and post, when appropriate, the following transactions into the sales journal and general journal. All sales carry terms of 1/10, n/30. 2022 June 17 Sold merchandise on account to Wind Sail Co., invoice No. 147, \$1,360, plus 5% GST. Cost of inventory, $990. June 18 Sold merchandise on account to Bob Glass Co., invoice No. 148, $1,860, plus 5% GST. Cost of inventory, $1,490 June 21 Issued credit memorandum No. 12 to Bob Glass Co. for defective merchandise, $680, plus 5% GST. Inventory was not returned. Use the following account numbers: Accounts Receivable, 112; Inventory, 115; GST Payable, 225; Sales, 411; Sales Returns and Allowances, 412 ; Cost of Goods Sold; 502. Journalize the transactions into the sales journal. (Use a "T" where a check mark would normally be placed for posting references.) June 17: Sold merchandise on account to Wind Sail Co, invoice No. 147, \$1,360, plus 5% GST. Cost of inventory, $990. June 18: Sold merchandise on account to Bob Glass Co., invoice No. 148,$1,860, plus 5% GST. Cost of inventory, $1,490

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students