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Alex
1 year ago
15

Record the following transactions for Lett Company. (Credit account titles are automatically indented when the amount is entered

. Do not indent manually.) 1. On August 4, Lett sold merchandise on account to Smiley Company for $610, terms 2/10, n/30. 2. On August 7, Lett granted Smiley a sales allowance and reduced the cost of the merchandise by $60 because some of the goods were slightly damaged. 3. On August 12, Smiley paid the account in full.
Business
1 answer:
Tanya [424]1 year ago
7 0

A transaction is any monetary business event that impacts a business's financial statements.

<h3>The journal entries </h3>

The journal entries are as follows

On August 4

Account Receivable $610

 To Sales Revenue   $610

(Being the goods sold on credit basis is recorded)

On August 7

Sales Return and Allowances $60

  To Accounts Receivable $60

(Being the sales allowance is recorded)

On August 12

Sales Discount   $11  

Cash $539

 To Accounts Receivable $550

(Being the amount paid is recorded after considering the 2% discount

To learn more about financial statements visit the link

brainly.com/question/14951563

#SPJ4

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