Question

Record the following transactions on the books of Bonita Industries (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(a)		On July 1, Bonita Industries sold merchandise on account to Stacey Inc. for $25,200, terms 4/10, n/30.
(b)		On July 8, Stacey Inc. returned merchandise worth $2,300 to Bonita Industries.
(c)		On July 11, Stacey Inc. paid for the merchandise.

No.	Date	Account Titles and Explanation	Debit	Credit
(a)	choose a transaction date                                                          July 1July 8July 11	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
(b)	choose a transaction date                                                          July 1July 8July 11	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
(c)	July 11	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount

Answer 1

Date	General Journal	Debit	Credit
July 1	Account Receivables – Stacey Inc	$25200
	Sales		$25200
	(To record Sales on Credit)
July 8	Sales Returns	$2300
	Account Receivables – Stacey Inc		$2300
	(To record Sales returns)
July 11	Cash	$21984
	Sales Discounts (25200-2300)*4%	$916
	Account Receivables – Stacey Inc`		$22900
	(To record Collection of Account Receivables)