Create a general journal. June 4 Sold merchandise on account to T. Allen, $1,500 plus 6%...
Create a general journal.
| June 4 | Sold merchandise on account to T. Allen, $1,500 plus 6% sales tax, with 1/10, n/30 cash discount terms. |
| 7 | Sold merchandise on account to K. Bryant, $1,800 plus 6% sales tax, with 1/10, n/30 cash discount terms. |
| 11 | T. Allen returned merchandise totaling $300 from the June 4 sale, for credit. |
| 14 | T. Allen paid the balance due from the June 4 sale, less discount. |
| 17 | K. Bryant paid the balance due from the June 7 sale, less discount. |
Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| June 4 | Account receivable-T.Allen (1500*1.06) | 1590 | |
| Sales revenue | 1500 | ||
| Sales tax payable | 90 | ||
| June 7 | Account receivable-K.Bryant (1800*1.06) | 1908 | |
| Sales revenue | 1800 | ||
| Sales tax payable | 108 | ||
| June 11 | Sales return and allowance | 300 | |
| Account receivable-T.Allen | 300 | ||
| June 14 | Cash (1590*.99) | 1574.10 | |
| Sales discount | 15.90 | ||
| Account receivable-T.Allen | 1590 | ||
| June 17 | Cash (1908*99%) | 1888.92 | |
| Sales discount | 19.08 | ||
| Account receivable-K.Bryant | 1908 | ||
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Create a general journal.
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