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View transaction list Journal entry worksheet 1 2 3 3 > Record the purchase of $630,000 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record the payment in full. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general Journal Required: 1. For each of the events (a) through (C), indicate the amount and direction of the effect on New Books in terms of the following items. (Enter any decreases to account balances with a minus sign.) Transaction Sales Revenues Sales Returns Sales Allowances Net Sales Cost of Goods Sold Gross Profit a. b C View transaction list Journal entry worksheet 1 2 3 4 5 > Record the sales on account of $635,000 to Readers' Corner on terms n/30. Note: Enter debits before credits. General Journal Debit Credit Transaction a(1) Record entry Clear entry View general Journal Journal entry worksheet Record the cost of goods sold of $449,000. Note: Enter debits before credits. General Journal Debit Credit Transaction a(2) Record entry Clear entry View general Journal Journal entry worksheet Record the return of $17,200 unsatisfactory merchandise by Readers' Corner for which credit was given to the customer. Note: Enter debits before credits. General Journal Debit Credit Transaction (1) Record entry Clear entry View general Journal Journal entry worksheet Record the cost of goods sold adjustment to inventory. Note: Enter debits before credits. General Journal Debit Credit Transaction b(2) Record entry Clear entry View general Journal Journal entry worksheet Record the receipt of payment in full from Readers' Corner. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal

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