Question

Corona Company uses a sales journal, a cash recipts journal, and a general journal to record transactions with its customers. Record the following transactions in the appropriate journals. The cost of all merchandise sold was 65% of the sales price.

Corona Company uses a sales joumal, a cash receipts journal and a general journal to record transactions with its customers. Record the following transactions in the appropriate pumals. The cost of all merchandise sold was 65% of the soles price July 2 Sold merchandise for $18,000 to M Jordan on account. Credit ferms 1/10..30. Sales invoice No. 100. July 5 Received a check for $1,300 from K. Bryant in payment of his account. July 8 Sold merchandise to S. O'Neal for $900 cash. July 10 Received a check in payment of Sales invoice No. 100 from M. Jordan minus the 1% discount July 15 Sold merchandise for $7,000 to K. Jabbar on account. Credit terms 1/10./30. Sales invoice No. 101 July 18 Borrowed $15.000 cash from Pacific Bank signing a 6 month, 10% note July 20 Sold merchandise for $12,000 to J. West on account. Credit terms 1/10./30. Sales invoice No. 102. July 25 Issued a credit reduction) of S760 to J. West as an allowance for damaged merchandise previously sold on account July 31 Received a check from K. Jabbar for $5,500 as payment on account. CORONA COMPANY Sales Journal S1 Date Account Debited Invoice No. Ref Acct. Res.Dr.........of. Gs. Dr. Sales Rev. C. Inventory. C. CORONA COMPANY General Journal G1 Date Explanation Ref CORONA COMPANY Cash Receipts Journal CR1 Accounts Date Credited Date Credited Per Sales Discounts Dr. Ref Cash Accounts Rec Ce Dr. Sales Other Rex. Accounts C. of G. S. Dr С. С. Inventory.