Plymouth Sharks Hockey Accessories had the following transactions involving the sale of merchandise.You are to prepare the necessary general journal entries.All sales are subject to a 6% sales tax and have a 2/10,n/30 discount terms.
December 2 $\quad$Sold merchandise priced at $\$ 100$ to Cathy Norton on account.
December 4 $\quad$Sold merchandise priced at $\$ 125$ to a cash customer.
Decem ber 10 $\quad$Payment from Cathy Norton received.
Decem ber 16 $\quad$Cash customer returned $\$ 40$ worth of merchandise.
-The following are transactions for Brian for the month of October.Indicate how the following transactions would be recorded by completing the necessary journal entries as appropriate (omit explanations).Also post to the subsidiary general and subsidiary ledgers.
Oct.1 Brian invested $15,000 in his business.
Oct.3 Sold $2,500 of merchandise on account to H.Holand,sales invoice No.1,terms 1/10,n/30.
Oct.5 Sold $1,200 of merchandise on account to T.Traer,sales invoice No.2,terms 1/10,n/30.
Oct.13 Received cash from H.Holand in payment for October 3 transaction,less the discount.
Oct.14 Issued credit memorandum No.1 to T.Traer for $100 for merchandise returned from October 5 sale on account.
Oct.15 Received cash from T.Traer for the amount due,less the discount.

Question

Plymouth Sharks Hockey Accessories had the following transactions involving the sale of merchandise.You are to prepare the necessary general journal entries.All sales are subject to a 6% sales tax and have a 2/10,n/30 discount terms.
 December 2 $\quad$Sold merchandise priced at $\$ 100$ to Cathy Norton on account.
December 4 $\quad$Sold merchandise priced at $\$ 125$ to a cash customer.
Decem ber 10 $\quad$Payment from Cathy Norton received.
Decem ber 16 $\quad$Cash customer returned $\$ 40$ worth of merchandise.
-The following are transactions for Brian for the month of October.Indicate how the following transactions would be recorded by completing the necessary journal entries as appropriate (omit explanations).Also post to the subsidiary general and subsidiary ledgers.
Oct.1 Brian invested $15,000 in his business.
Oct.3 Sold $2,500 of merchandise on account to H.Holand,sales invoice No.1,terms 1/10,n/30.
Oct.5 Sold $1,200 of merchandise on account to T.Traer,sales invoice No.2,terms 1/10,n/30.
Oct.13 Received cash from H.Holand in payment for October 3 transaction,less the discount.
Oct.14 Issued credit memorandum No.1 to T.Traer for $100 for merchandise returned from October 5 sale on account.
Oct.15 Received cash from T.Traer for the amount due,less the discount.

Quizplus · Accepted Answer

The Answer of Plymouth Sharks Hockey Accessories had the following transactions involving the sale of merchandise.You are to prepare the necessary general journal entries.All sales are subject to a 6% sales tax and have a 2/10,n/30 discount terms.
 December 2 $\quad$Sold merchandise priced at $\$ 100$ to Cathy Norton on account.
December 4 $\quad$Sold merchandise priced at $\$ 125$ to a cash customer.
Decem ber 10 $\quad$Payment from Cathy Norton received.
Decem ber 16 $\quad$Cash customer returned $\$ 40$ worth of merchandise.
-The following are transactions for Brian for the month of October.Indicate how the following transactions would be recorded by completing the necessary journal entries as appropriate (omit explanations).Also post to the subsidiary general and subsidiary ledgers.
Oct.1 Brian invested $15,000 in his business.
Oct.3 Sold $2,500 of merchandise on account to H.Holand,sales invoice No.1,terms 1/10,n/30.
Oct.5 Sold $1,200 of merchandise on account to T.Traer,sales invoice No.2,terms 1/10,n/30.
Oct.13 Received cash from H.Holand in payment for October 3 transaction,less the discount.
Oct.14 Issued credit memorandum No.1 to T.Traer for $100 for merchandise returned from October 5 sale on account.
Oct.15 Received cash from T.Traer for the amount due,less the discount.

Plymouth Sharks Hockey Accessories Had the Following Transactions Involving the Sale