Journal Entries for Metlock computers:
Date | Account Titles and Explanation | Debit | Credit |
July1 | Accounts Recievable | $23200 | |
Sales Revenue | $23200 | ||
(To record sales revenue) | |||
Sales Return and Allowances | $1508 | ||
Allowances for sales returns and allowances | $1508 | ||
(To record allowance for sales returns) | |||
July10 | Cash | $22504 | |
Sales Discount | $696 | ||
Accounts Recievable | $23200 | ||
(To record payment received) | |||
July17 | Accounts Recievable | $232000 | |
Sales Revenue | $232000 | ||
(To record sales revenue) | |||
July30 | Cash | $232000 | |
Accounts Recievable | $232000 | ||
(To record payment recieved) |
Notes:
• On july 10, payment has been recieved within the credit period of 15 days and the customer aviled sales discount.
Amount of sales discount = $23200 × 3% = $696
• On july 30, payment has been received bit not within the credit period of 10 days. So, there is no sales discount availed by customer.
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