The following transaction are for Kale company. Jurnalize sales transaction
1- on Dec 3 Kale sold 480.000 of marchandise to thomes terms 1/10, n/30. the cost of the marchandies sold was 320.000
2- on Dec8 thomes was garnted all allowance of 28,000 for marchandies purchased on Dec3
3- on Dec 13 Kale recived the balance due from thomes
A) Prepare the jurnal entries to record these transaction on the book of Kale. Kale use a perpetual inventory system.
B) Assume that Kale recived the balance due from thomes. on Jan 2 of the following year instead of Dec13. Prepare journal entry to record the receipt of payment on Jan 2
A. In the books of Kale Company:
Date | General Journal | Debit | Credit |
$ | $ | ||
Dec 3 | Accounts Receivable: Thomes | 480,000 | |
Sales | 480,000 | ||
Dec 3 | Cost of Goods Sold | 320,000 | |
Inventory | 320,000 | ||
Dec 8 | Sales Returns and Allowances | 28,000 | |
Accounts Receivable: Thomes | 28,000 | ||
Dec 13 | Cash | 447,480 | |
Sales Discounts | 4,520 | ||
Accounts Receivable: Thomes | 452,000 |
B. In the books of Kale Company:
Date | General Journal | Debit | Credit |
$ | $ | ||
Jan 2 | Cash | 452,000 | |
Accounts Receivable: Thomes | 452,000 |
Get Answers For Free
Most questions answered within 1 hours.