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-Prepare All Journal Entries Necessary to Record the Following Transactions $2,000 \$ 2,000

Question 83

Essay

   -Prepare all journal entries necessary to record the following transactions of Zion Enterprises for the month of May. May 4 Sold a   \$ 2,000   rug to Grand \& Associates on account, terms   2 / 10, n / 30  . The rug had a cost of   \$ 750  . 7 Received a   \$ 100   deposit from Canyon Industries for a rug which was to be cleaned. An additional balance of   \$ 100   will be collected at the time of pick-up. 11 Sold a rug for   \$ 1,450   cash. The rug had a cost of   \$ 800  . 13 Received payment from Grand \& Associates for the rug purchased on May 4th, less the applicable discount. 16 Canyon Industries picked up its cleaned rug and paid the balance due. 18 Sold a   \$ 4,500   rug to Bryce Corporation on account, terms   1 / 10, n / 60  . The rug had a cost of   \$ 2,900  . 21 Bryce Corporation requested a reduction in the price of the rug because of a defect. Zion granted a \$200 allowance to Bryce. 28 Received payment from Bryce for the May 18 th sale, less the allowance and the discount.
-Prepare all journal entries necessary to record the following transactions of Zion Enterprises for the month of May.
May 4 Sold a $2,000 \$ 2,000 rug to Grand \& Associates on account, terms 2/10,n/30 2 / 10, n / 30 . The rug had a cost of $750 \$ 750 .
7 Received a $100 \$ 100 deposit from Canyon Industries for a rug which was to be cleaned. An additional balance of $100 \$ 100 will be collected at the time of pick-up.
11 Sold a rug for $1,450 \$ 1,450 cash. The rug had a cost of $800 \$ 800 .
13 Received payment from Grand \& Associates for the rug purchased on May 4th, less the applicable discount.
16 Canyon Industries picked up its cleaned rug and paid the balance due.
18 Sold a $4,500 \$ 4,500 rug to Bryce Corporation on account, terms 1/10,n/60 1 / 10, n / 60 . The rug had a cost of $2,900 \$ 2,900 .
21 Bryce Corporation requested a reduction in the price of the rug because of a defect. Zion granted a \$200 allowance to Bryce.
28 Received payment from Bryce for the May 18 th sale, less the allowance and the discount.

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