Accounting




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General Accounting Discussions: Journalize the foloowing merchandise transaction

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    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

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