Answer:
Account Receivables 891,800 debit
Sales Revenues 891,800 credit
COGS 501,700 debit
Merchandise Inventory 501,700 credit
Sales Returns 111,200 debit
Account Receivables 111,200 credit
Merchandise Inventory 67,630 debit
COGS 67,630 credit
Cash 764,388 debit
Sales discounts 15,612 debit
Accounts Receivables 780,600 credit
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Inventory 908,200 debit
Account payable 908,200 credit
Accounts Payable 103,900 debit
Inventory 103,900
Accounts Payable 804,300 debit
Inventory 24,129 credit
Cash 780,171 credit
Explanation:
We have to record making debit = credit
when we sale the amount due form the customer is receivable
when we purchase the amount is payable.
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<u><em>1.- Balance of Bernandina:</em></u>
891,800 - 111,200 = 780,600
discount of 2%:
780,600 x 0.02 = 15,612
proceeds from Bernandina:
780,600 - 15,612 = 764,388
<em><u>2.- Purchase to Pineda's Balance:</u></em>
908,200 - 103,900 = 804,300
we apply the discount
804,300 x 3% discount = 24,129
then, we calculate the amount due
804,300 - 24,129 = 780,171
