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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