Fox Corp.engaged in the following transactions during the month of June:
$\begin{array}{ll}
\text { June } 1 & \text { Made cash sales of } \$ 8,000 \
5 & \text { Made credit sales of } \$ 21,000, \text { terms } 2 / 10, \mathrm{n} / 30 . \
9 & \text { Customers returned } \$ 500 \text { of merchandise from the June } 5 \text { sale because it was defective. } \
14 & \text { Received payment for balance due on the June } 5 \text { sale. } \
19 & \text { Sold land that had originally cost } \$ 8,500 \text { for } \$ 10,000 \text { cash }
\end{array}$
Required:
Record these transactions in a general journal, assuming Fox uses a periodic inventory system.

Question

Fox Corp.engaged in the following transactions during the month of June:
 $\begin{array}{ll}
\text { June } 1 & \text { Made cash sales of } \$ 8,000 \
5 & \text { Made credit sales of } \$ 21,000, \text { terms } 2 / 10, \mathrm{n} / 30 . \
9 & \text { Customers returned } \$ 500 \text { of merchandise from the June } 5 \text { sale because it was defective. } \
14 & \text { Received payment for balance due on the June } 5 \text { sale. } \
19 & \text { Sold land that had originally cost } \$ 8,500 \text { for } \$ 10,000 \text { cash }
\end{array}$
 Required:
Record these transactions in a general journal, assuming Fox uses a periodic inventory system.

Quizplus · Accepted Answer

The Answer of Fox Corp.engaged in the following transactions during the month of June:
 $\begin{array}{ll}
\text { June } 1 & \text { Made cash sales of } \$ 8,000 \
5 & \text { Made credit sales of } \$ 21,000, \text { terms } 2 / 10, \mathrm{n} / 30 . \
9 & \text { Customers returned } \$ 500 \text { of merchandise from the June } 5 \text { sale because it was defective. } \
14 & \text { Received payment for balance due on the June } 5 \text { sale. } \
19 & \text { Sold land that had originally cost } \$ 8,500 \text { for } \$ 10,000 \text { cash }
\end{array}$
 Required:
Record these transactions in a general journal, assuming Fox uses a periodic inventory system.

Fox CorpEngaged in the Following Transactions During the Month of June