Question

Credit Memorandum Complete the transactional analysis box for the following transaction: Issued credit memorandum to Pike.com for defective merchandise, $190. The cost of the merchandise was $114. It was a credit sale. or 6. nidsiw bieg YET Journalize Transactions Journalize the following transactions: a. Sold merchandise on account to Troy Co., invoice no. 10, $50. The cost of the merchandise was $28. b. Received check from Brown Co., $300, less 3% discount. c. Cash sales, $104. The cost of merchandise was $59. d. Issued credit memorandum no. 2 to Troy Co. for defective merchandise, $18 The cost of the merchandise was $11. 7. am for

question 6 & 7

Answer 1

6)A credit memorandum is a document issued by seller of goods or services to buyer crediting his account .

DATE	ACCOUNT TITLE	DEBIT	CREDIT
1	Sales return and allowance	190
	Accounts receivable		190
2	Inventory	114
	cost of goods sold		114

7).

DATE	ACCOUNT TITLE	DEBIT	CREDIT
a	Accounts receivable	50
	sales revenue		50
a-2	cost of goods sold	28
	Inventory		28
b	cash	291
	Sales discount (300*3%)	9
	Accounts receivable		300
c	cash	104
	sales revenue		104
c-2	cost of goods sold	59
	Inventory		59
			`
d	Sales return and allowance	18
	Accounts receivable		18
d-2	Inventory	11
	cost of goods sold		11