Question

ttps/ r 6 Graded Homework Journal entry worksheet Record the collection of half of the balance of $5,500 owed by the customer within the discount period. 55:22 Note: Enter debits before credits ash 11.000 Discount on Bonds Payable nces Accounts Recelvable 11.000 Record entry Clear entry nything

Answer 1

Journal entries:
S.no.	Accounts title and explanations				Debit $	Credit $
a.	Cash account				55200
	Sales revenue					55200
	Cost of goods sold				30797
	Merchandise inventory					30797
b.	sales return and allowance				650
	Cash account					650
	Merchandise inventory				390
	Cost of goods sold					390
c.	Accounts receivable				11000
	Sales revenue					11000
	Cost of goods sold				5225
	Merchandise inventory					5225
d.	Cash account				5500
	Accounts receivable					5500
e.	Sales return and allowance				176
	Accounts receivable					176