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On March 15, Monroe Sales sells $9,525 on account to Garrison Brewer with terms of...

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Question

Accounting

On March 15, Monroe Sales sells $9,525 on account to Garrison Brewer with terms of 2/10, n/30. The cost of goods sold was $6,905.

Required:

(a) Journalize the sale and the recognition of the cost of the sale.*
(b) On March 20, a $125 credit memo is given to Garrison Brewer due to merchandise that was the wrong color. Journalize this event. The cost of the returned merchandise was $65.*
(c) On March 25, Garrison Brewer submits payment in full. Journalize this event.*
*Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.

General Journal

Journalize the each transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.

PAGE 1

JOURNAL

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1

2

3

4

5

6

7

8

9

10

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