Question

General Journal 5. Match the following activities to the three business transactions (more than on number can be used). 1. Record to the accounts receivable subsidiary ledger. 2. Journalize the transaction. 3. Post to the general ledger. a._ Sold merchandise on account to Clo Co., invoice no. 1, $90. Cost of the merchandise was $55. b. Sold merchandise on account to Flynn Co., invoice no. 2, $1,500. Cost of the merchandise was $925. C. Issued credit memorandum no. 1 to Flynn Co. for defective merchan- dise, $50. Cost of the merchandise was $28. Credit Memorandum 6. 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.

Answer 1

Dear Student,

As per the HOMEWORKLIB POLICY, only the first question should be answered. Kindly take note of it.

Part A

Sold merchandise on account to Clo Co. invoice no. 1 $90 cost of the merchandise was $55.

1. Record to the accounts receivable subsidiary ledger
2. Journalize the transaction

Entry will be :

Account titles and explanation	Debit	Credit
Accounts receivable – Clo Co.	90
Sales		90
Cost of goods sold	55
Merchandise inventory		55

Part B

Sold merchandise on account to Flynn Co. invoice no. 2 $1500 cost of the merchandise was $925.

1. Record to the accounts receivable subsidiary ledger
2. Journalize the transaction

Entry will be :

Account titles and explanation	Debit	Credit
Accounts receivable – Flynn Co.	1500
Sales		1500
Cost of goods sold	925
Merchandise inventory		925

Part C

Issued credit memorandum no. 1 to Flynn co. for defective merchandise $50. Cost of the merchandise was $28

2. Journalize the transaction

3. post to the general ledger

Entry will be :

Account titles and explanation	Debit	Credit
Sales Returns and Allowances	50
Accounts receivable – Flynn Co.		50
Merchandise inventory	28
Cost of goods sold		28

Answer 2

All 3 for each