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Record the following transactions for Knoxville Company. Remember that your entries must be in good...

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Accounting

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Record the following transactions for Knoxville Company. Remember that your entries must be in good form (debited account or accounts followed by indented credited account or accounts as show in the first transaction which has already been recorded). On April 1, Knoxville Company purchased inventory from a manufacturer on account for $48,000, terms 3/15, n/60. This entry is already correctly recorded in the journal below. Date Debit Credit April 1 Account Titles Inventory Accounts Payable 48,000 48,000 On April 15, the firm paid for the amount due on the April 1 transaction within the discount period. Record the entry below (hint: three accounts should be used in recording the transaction). Date Account Titles Debit Credit On April 30, the firm sold merchandise to a customer for cash for $36,000. The original cost of the merchandise was $30,500. Record the entries below (hint: two entries needed to record the transaction). Date Account Titles Debit Credit

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