Journal entries for sales discounts and sales returns and allowances LO1 LO2 LO3 The...

Journal entries for sales discounts and sales returns and allowances LO1 LO2 LO3

The November sales transactions of Grassley Company are described in Problem 11-3B. In addition to

those transactions, Grassley has the following nonsales transactions.

Nov. 18 Received cash payment from Cyd Rounder for the November 8 sale less the 2% cash

discount.

19 Received cash payment from Carlos Mantel for the November 10 sale less the 2% cash

discount.

25 Received cash payment from Tori Tripp for the November 15 sale less the 2% cash discount.

29 Issued a credit memorandum of $675 (plus a $54 sales tax refund) for damaged goods from

the sale to Carlos Mantel made on November 22.

Required

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

as a general journal entry.

(Reference 11-3B)