Question

Question Help E5-28B (similar to) Color Interiors reported the following transactions in November: (Click on the icon to view the transactions.) Read the requirements Requirement 1. Record the foregoing transactions in the journal of Color Interiors using the gross method. (You do not need to make the cost of sales journal entries; assume that these entries will be made by the company when it makes its other adjusting entries at period end.) (Record debits first, then credits. Exclude explanations from any joumal entries.) Nov 2: Sold merchandise on account to Tod Birch, $1.400, terms 2/10, 1/30. Date Journal Entry Accounts Sales Returns and Allowances Credit Nov 2 * More Info Nov 2 10 11 15 19 Sold merchandise on account to Tod Birch, $1,400, terms 2/10, 1/30 Sold merchandise on account to Brody O'Malley, $2,300,terms 2/10, 1/30 Collected payment from Birch for the November 2sale, O'Malley returned $1,100 of the merchandise purchased on November 10. Collected payment from O'Malley for the balance of the November 10 sale. Print Done

Answer 1

Date	Description	Debit	Credit
Nov-02	Tod Birch A/c	$1,400
	To Sales A/c		$1,400
	(Being Merchandise Sold on Account to Tod Birch)
Nov-10	Brody o' Malley A/c	$2,300
	To Sales A/c		$2,300
	(Being Merchandise sold on Account to Broday O'Malley)
Nov-11	Cash A/c	$1,400
	To Tod Brich A/c		$1,400
	(Being amount collected for Nov 2nd sale from Tod Birch)
Nov-15	Sales Returns A/c	$        1,100
	To Brody o' Malley A/c		$        1,100
	(Being Returns from Sale made to Brody o' Malley accounted)
Nov-19	Cash A/c	$        1,200
	To Brody o' Malley A/c		$        1,200
	(Being Balance amount due from Brody o'malley received)