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Tema [17]
2 years ago
15

Journalize the following sales transactions for Straight Shot Archery using the periodic inventory system. E (Record debits firs

t, then credits. Exclude explanations from journal entries.
Aug. 1 Sold $6,500 of equipment on account, credit terms are 1/10, n/30.
Aug. 8 Straight Shot received payment from the customer on the amount due from August 1, less the discount.
Aug. 15 Sold $3,100 of equipment on account, credit terms are n/45, FOB destination.
Aug. 15 Straight Shot paid $90 on freight out.
Aug. 20 Straight Shot negotiated a $500 allowance on the goods sold on August 15.
Aug. 24 Received payment from the customer on the amount due from August 15, less the allowance.
Business
1 answer:
Cloud [144]2 years ago
4 0

Answer:

Aug. 1

Debit :

Credit :

Aug. 8

Debit :

Credit :

Aug. 15

Debit :

Credit :

Aug. 15

Debit :

Credit :

Aug. 20

Debit :

Credit :

Aug. 24

Debit :

Credit :

Explanation:

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<h3>Requirements of Negotiability </h3>
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Hence, the instrument that Shawn must use is “payable to the order of” before the name of the payee.

To learn more about the Negotiation instrument refer to:

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