Problem

Journal entries for cash receipts, sales discounts, and sales returns and allowances LO1...

Journal entries for cash receipts, sales discounts, and sales returns and allowances LO1 LO2 LO3

The March sales transactions of Church Company are described in Problem 11-3A. In addition to those transactions, Church has the following nonsales transactions.

Mar. 12 Received cash payment from Min Cho for the March 2 sale less the 2% cash discount.

13 Received cash payment from Linda Witt for the March 3 sale less the 2% cash discount.

20 Received cash payment from Jovita Albany for the March 10 sale less the 2% cash discount.

30 Issued a credit memorandum of $500 (plus a $35 sales tax refund) for damaged goods from the sale to Linda Witt made on March 28.

Required

Record each cash receipt (less any cash discount) as a general journal entry. Also, record any sales return as a general journal entry.

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Solutions For Problems in Chapter 11