The journal entries for these transactions are
Transaction Sales Revenue Sales Discounts (taken) Sales Returns and Allowances Bad Debt Expense
a. $2,60,000
b. $10,500
c. $31,000
d. $700
e. $29,000
f. $392
g. $3,960
h. $1,240
i. $25,500
j. -$196 $4,900
k.
l.
m. $904
Total $3,56,000 $5,396 $5,600 $904
Working:
d. 1 unit returned by R. Smith = 1 x $700 = $700
f. Discount: = $10,500 - $700 = $9,800 x 4% = $392
g. Discount = $99,000 x 4% = $3,960
h. Discount = $31,000 x 4% = $1,240
j. 7 units returned by k. Miller = 7 x $700 = $4,900
Discount reversal = $4900 x 4% = $196
m. Bad debt Expenses:
Total Credit sales = $10,500 + $31,000 + $29,000 + $25,500 = $96,000
Total Sales Return = $700 + $4,900 = $5,600
Bad debt Expense = $96,000 - $5,600 = $90,400 x 1% = $904
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