Accounting


Accounting Forum

AccountingCoach.com is the world's largest free online accounting course.


Not signed in (Sign In)

Categories

Vanilla 1.1.7 is a product of Lussumo. More Information: Documentation, Community Support.

Welcome Guest!
Want to take part in these discussions? If you have an account, sign in now.
If you don't have an account, apply for one now.

General Accounting Discussions: Journalize the foloowing merchandise transaction

Bottom of Page

1 to 2 of 2

  1.  
  1.  
    A). Sold merchandise on account, $12,250 with terms 2/10,n/30. The cost of the merchandise sold was $7,400
    B). Recieved payment less the discount.
    • CommentAuthorlee
    • CommentTimeFeb 7th 2008
     
    A) Debit: Accounts receivable 12250
    Credit: Sales 12250

    Debit : Cost of Goods Sold 7400
    Credit : Mechandise Inventory 7400

    B) Debit : Cash 12005
    Debit : Merchandise Inventory 245
    Credit : Accounts receivable 12250

1 to 2 of 2

  1.  



 

Why AccountingCoach.com?

the accounting coach

AccountingCoach.com is designed to help people without an accounting background easily understand accounting concepts at no cost.


By investing thousands of hours, we have created clear and concise accounting information for both business people and students of all ages.


We understand how difficult accounting can be. That's why we have ensured that each accounting topic includes a clear explanation, reinforcing drills, Q&A, puzzles, dictionary of terms, etc.


Read 1,440 Visitor Testimonials



What's on AccountingCoach.com?