Question

a) On July 1, 2019, Apple Co. sold 20 units of PC on account to HV...

a) On July 1, 2019, Apple Co. sold 20 units of PC on account to HV University at $1,000 per unit. Payment term is 3/10, n/30. The cost of PC sold is $650 per unit. On July 4, YL returned two PCs. On July 11, Apple co. received the balance due from HV University. Please prepare journal entries to record the transactions above.

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Answer #1

Journal Entries for the above transactions are:

S.No

Date

Journal & Explanation

Debit($)

Credit($)

1

1-Jul-19

HV University

20000

Sales(20*1000)

20000

(20 PC's Sold on credit)

2

4-Jul-19

Sales Returns(2*1000)

2000

HV University

2000

(2 PC's returned by HV University)

3

11-Jul-19

Cash/Bank(18*1000)

18000

HV University

18000

(As the payment was received after 10 days, no discount can be availed)
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