Answer and Explanation:
The journal entries are shown below:
On Dec 3
Account receivable Dr $492,200
To Sales Revenue $492,200
(being the goods sold on credit)
Cost of goods sold Dr $325,100
To Inventory $325,100
(being the cost of the merchandise is recorded)
On Dec 8
Sales Returns and Allowances $22,900
To Accounts Receivable $22,900
(Being the sales return & allowance is recorded)
On Dec 13
Cash $459,914
Sales Discounts (2% of $469,300) $9,386
To Accounts Receivable ($492,200 - $22,900) $469,300
(being cash receipt is recorded)
On Jan 2
cash Dr ($492,200 - $22,900) $469,300
To account receivable $469,300
(being cash receipt is recorded)
