Question

Question 1 View Policies Current Attempt In Progress Record the following transactions on the books of Skysong, Inc. (Omit cost of goods sold entries.) Credit accounties ar automatically indented when amount is entered Doro Indent man (a) On July 1, Skysong, Inc. sold merchandise on account to Stacey Inc. for $22.200, terms 4/10,n30. (b) On July 8, Stacey Inc. returned merchandise worth $2,400 to Skysong, Inc. (d) On July 11, Stacey Inc. paid for the merchandise. No. Date Account Titles and Explanation Debit Credit td July 11

Answer 1

Solution:

Journal Entries - Skysong Inc.
Date	Particulars	Debit	Credit
1-Jul	Accounts receivables Dr	$22,200.00
	To Sales revenue		$22,200.00
	(To record sales revenue)
8-Jul	Sales returns and allowances Dr	$2,400.00
	To Accounts recreivables		$2,400.00
	(To record sales revenue)
11-Jul	Cash Dr	$19,008.00
	Sales discount Dr	$792.00
	To Accounts receivables		$19,800.00
	(To record collection from customer)