1. The following were selected from among the transactions completed during the current year by...
Question:
1. The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company:
Jan. 21: Sold merchandise on account to the Black Tie Co., $28,000. The cost of merchandise sold was $16,800.
Mar. 18: Accepted a 60-day, 6% note for $28,000 from the Black Tie Co. on account.
June 15: Sold merchandise on account to Pioneer Co. for $17,700. The cost of merchandise sold was $10,600.
June 25: Received from Pioneer Co. the amount due on the invoice of June 15, less 1% discount.
Instructions
Journalize the entries to record the transactions.
2. Do transactions January 21-June 25 only with the following changes:
Jan 21: Sold merchandise for $33,000 not $28,000.
Mar 18: 5% not 6% note for $33,000 not $28,000.
June 15: Sold merchandise for $24,000 not $17,700.
June 25: 3% discount not 1%.
Journal Entries:
In accounting, journal entries are the recording of all transactions for an organization. Entries are listed in the accounting journal which maintains the credit and debit balances. Each entry must be listed as either a debit or a credit.
Answer and Explanation: 1
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View this answer| Date | Particular | L.F | Debit Amount ($) | Credit Amount ($) |
|---|---|---|---|---|
| 21-Jan | Accounts Receivable a/c - Black Tie Dr. | ... |
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