The following are transactions of the Morrison Company:
a. On November 5, sold merchandise on account for $46,000 with terms of 3/15, n/30.
b. On November 20, payment was received on $32,000 worth of merchandise sold on November 5.
c. On December 5, further collections were made on $8,000 of merchandise sold on November 5.
d. On December 8, merchandise sold for $4,000 on November 5 was returned by the purchaser and credit was granted by Morrison Company.
Required:
Consider the journal entry required for each transaction a-d. In the spaces below, record the appropriate dollar amounts to be debited or credited on the appropriate line for each account under the gross price and net price methods.. Indicate that the amount is a debit or credit by placing a Dr) or Cr) after the amount. Leave spaces blank for any accounts NOT affected by a transaction.

Question

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The Answer of The following are transactions of the Morrison Company:
a. On November 5, sold merchandise on account for $46,000 with terms of 3/15, n/30.
b. On November 20, payment was received on $32,000 worth of merchandise sold on November 5.
c. On December 5, further collections were made on $8,000 of merchandise sold on November 5.
d. On December 8, merchandise sold for $4,000 on November 5 was returned by the purchaser and credit was granted by Morrison Company.
Required:
Consider the journal entry required for each transaction a-d. In the spaces below, record the appropriate dollar amounts to be debited or credited on the appropriate line for each account under the gross price and net price methods.. Indicate that the amount is a debit or credit by placing a Dr) or Cr) after the amount. Leave spaces blank for any accounts NOT affected by a transaction.

The Following Are Transactions of the Morrison Company