Question

Graded Homework Assignment i Saved Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash during April 2019 follow. The firm sells its merchandise for cash and on open account. During April, Incredible Sol following transactions: DATE TRANSACTIONS 2019 April 1 Sold merchandise for $4,500 to Alto Music Center issued Invoice 3912 with terms of 1/10, n/30. 3 Received a check for $1,980 from Music Supply Store in payment of Invoice 2718 of March 25 ($2,000), less cash discount ($20). 5 Sold merchandise totaling $1,725 in cash to a new customer who has not yet established credit. 7 Merchandise of $80 sold on April 5 is returned for a cash refund. 8 Sold merchandise for $6,500 to Music Warehouse; issued Invoice 3913 with terms of 2/10, n/30. 10 Received payment from Alto Music Center in payment of Invoice 3912, less cash discount. 15 Accepted a return of damaged merchandise from Musie Warehouse; issued Credit Memorandum 105 for $2,300. The original wale was made on Invoice 3913 on April 8. 17 Received payment from Music Warehouse for the sale of April 8, less the return on April 15; Musie Warehouse deducted the appropriate cash discount from its payment. 19 Received a check for $2,300 as payment in full from Oldies Sounds for Invoice 3850 dated March 20. 20 Sold merchandise for $11,200 to Hawk Music Center issued Invoice 3914 with terms of 2/10, n/30. 25 Sold merchandise for $10,800 to Modern Sounds; issued Invoice 3915 with terms of 2/10, n/30. 26 Sold merchandise for $8,600 to Country Tunes; issued Invoice 3916 with terms of 2/10, n/30. 27 Accepted a return of damaged merchandise from Modern Sounds; issued Credit Memorandum 106 for $500. The original sale was made on Invoice 3915 on April 25. 29 Received payment from Hawk Music Center for the sale of April 20, less cash discount. 30 Sold merchandise for $3,200 to Oldies Sounds; issued Invoice 3917 with terms of 2/10, n/30. Required: Record the transactions in a general journal Analyze: < Prev 7 of 7 Next

Answer 1

Date	Account Titles	Debit	Credit
2019 Apr
1	Accounts receivable	4500
	Sales		4500
3	Cash	1980
	Sales discount	20
	Accounts receivable		2000
5	Cash	1725
	Sales		1725
7	Sales returns and allowances	80
	Cash		80
8	Accounts receivable	6500
	Sales		6500
10	Cash	4455
	Sales discount [4500*1%]	45
	Accounts receivable		4500
15	Sales returns and allowances	2300
	Accounts receivable		2300
17	Cash	4116
	Sales discount [6500-2300*2%]	84
	Accounts receivable		4200
19	Cash	2300
	Accounts receivable		2300
20	Accounts receivable	11200
	Sales		11200
25	Accounts receivable	10800
	Sales		10800
26	Accounts receivable	8600
	Sales		8600
27	Sales returns and allowances	500
	Accounts receivable		500
29	Cash	10976
	Sales discount [11200*2%]	224
	Accounts receivable		11200
30	Accounts receivable	3200
	Sales		3200