Answer:
Journal Entries:
March 1: Debit Accounts receivable $75,650
Credit Sales revenue $75,650
To record the sale of goods on account.
Debit Cost of goods sold $44,450
Credit Inventory $44,450
To record the cost of goods sold.
March 9: Debit Cash $74,137
Debit Cash discounts $1,513
Credit Accounts receivable $75,650
To record the receipt of payment less discount.
March 13: Debit Sales Allowance $2,700
Credit Accounts receivable $2,700
To record the credit memo for damaged goods.
Explanation:
a) Data and Analysis:
March 1: Accounts receivable $75,650 Sales revenue $75,650
Cost of goods sold $44,450 Inventory $44,450
March 9: Cash $74,137 Cash discounts $1,513 Accounts receivable $75,650
March 13 Sales Allowance $2,700 Accounts receivable $2,700
