Question

More Info Sep 2 10 11 15 19 Sold merchandise on account to Tyson Elsworth, $1,500, terms 2/10, n/30. Sold merchandise on account to Brady O'Malley, $1,900, terms 3/10, n/30 Collected payment from Elsworth for the September 2 sale. O'Malley returned $1,300 of the merchandise purchased on September 10. Collected payment from O'Malley for the balance of the September 10 sale. Print Done Done

Answer 1

	REQUIREMENT : 1
Journal Entries
Sr. No.	Date	Account Title and explanation	Debit	Credit
1	Sept, 02	Account receivable - Tyson Elsworth	$1,500
		Sales Revenue		$1,500
2	Sept, 10	Account receivable - Brady O'Malley	$1,900
		Sales Revenue		$1,900
3	Sept, 11	Cash ($ 1,500 X 98%)	$1,470
		Sales Discount	$30
		Account receivable - Tyson Elsworth		$1,500
4	Sept, 15	Sales returns and allowance	$1,300
		Account receivable - Brady O'Malley		$1,300
	Sept, 19	Cash ($ 600 X 97%)	$582
5		Sales Discount	$18
		Account receivable - Brady O'Malley		$600
	REQUIREMENT : 2
		Sales Revenue	$2,100
		Less: Sales Discount	$48
		Sales Revenue Net of Discounts		$2,052