Answer:
a. The journal entries to record the transactions woule be the following:
To record the sales
3 dec Debit Credit
Account receivables $473,800
Sales $473,800
To record the cost of goods sold
cost of goods sold $320,000
Merchandise Inventory $320,000
To record the allowance
8 dec Debit Credit
Sales return and allowance $22,800
Accounts receivable $22,800
To record the cash received from the customer
13 dec Debit Credit
Cash $446,490
Sales discount $4,510
Accounts receivable $451,000
Explanation:
a. The journal entries to record the transactions woule be the following:
First we have to prepare the journal entry to record the sales and cost of goods sold according to the given data:
To record the sales
3 dec Debit Credit
Account receivables $473,800
Sales $473,800
To record the cost of goods sold
cost of goods sold $320,000
Merchandise Inventory $320,000
Next we have to Prepare the journal entry to record the allowance as follows:
To record the allowance
8 dec Debit Credit
Sales return and allowance $22,800
Accounts receivable $22,800
Finally we have to Prepare the journal entry to record the cash received from the customer as follows:
To record the cash received from the customer
13 dec Debit Credit
Cash $446,490
Sales discount $4,510
Accounts receivable $451,000
Cash=$451,000-$4,510=$446,490
Sales discount=$451,000*1%=$4,510
Accounts receivable=$473,800- $22,800=$451,000
