Answer:
August 1
Dr Finished goods inventory $6,000
Cr Accounts Payable $6,000
Aug 3
Dr Accounts Payable $1,500
Cr Finished goods inventory $1,500
Aug 7
Dr Cash $9,750
Cr Sales Revenue$9,750
Aug 7
Dr Costs of goods sold $4,000
Cr Finished goods inventory $4,000
Aug 10
Dr Accounts receivable $500
Cr Sales revenue $500
Aug 10
Dr Costs of goods sold $200
Cr Finished goods inventory $200
Aug 11
Dr r Accounts receivable $4,500
Cr Finished goods inventory $90
Cr Cash $4,410
Aug 20
Dr Cash $495
Dr Sales discount $5
Cr Accounts receivable $500
Explanation:
August 1
Dr Finished goods inventory$6000
Cr Accounts Payable $6,000
Aug 3
Dr Accounts Payable $1,500
Cr Finished goods inventory $1,500
Aug 7
Dr Cash$9,750
Cr Sales Revenue$9,750
Aug 7
Dr Costs of goods sold $4000
Cr Finished goods inventory $4000
Aug 10
Dr Accounts receivable $500
Cr Sales revenue $500
Aug 10
Dr Costs of goods sold $200
Cr Finished goods inventory $200
Aug 11
Dr r Accounts receivable $4,500
Cr Finished goods inventory $90
[($6,000-$1,500)*2%]
Cr Cash $4,410
($4,500-$90)
Aug 20
Dr Cash $495
(99%*500)
Dr Sales discount $5
(1%*$500)
Cr Accounts receivable $500
