Journal
Date |
Account title |
Debit |
Credit |
March 2 |
Accounts Receivable - Edgebrook Company |
758,000 |
|
Sales |
758,000 |
||
March 2 |
Cost of goods sold |
524,000 |
|
Inventory |
524,000 |
||
March 6 |
Sales returns and allowance |
113,700 |
|
Accounts receivable - Edgebrook Company |
113,700 |
||
March 6 |
Inventory |
76,064 |
|
Cost of goods sold |
76,064 |
||
March 12 |
Cash |
631,414 |
|
Sales discount |
12,886 |
||
Accounts receivable - Edgebrook Company |
644,300 |
Working note:
Final amount due = Sales - sales returns
= 758,000 - 113,700
= $644,300
Discount amount = Final amount due x Discount percentage
= 644,300 x 2/100
= $12,886
Cash to be received = Final amount due - Discount amount
= 644,300 - 12,886
= $631,414
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