The following information is available for Cluff Corporation, which estimates uncollectible accounts based on sales at year-end.
January 1 Customer purchased $10,000 of merchandise on credit with terms 2/10, net 60.
January 4 Customer purchased merchandise for $20,000 cash.
January 9 Customer who purchased merchandise on January 1 remitted appropriate cash payment.
January 10 Customer who purchased merchandise on January 4 returned $3,000 of goods for a refund.
January 15 Wrote off an uncollectible account receivable of $2,000.
January 17 Customer purchased $10,000 of merchandise with his WorldCard. WorldCard deducts a 3% fee when remitting the charges made by its customer to vendors.
January 20 Cluff receives the appropriate cash payment from WorldCard related to January 17 transaction.
January 22 A customer who had purchased $5,000 of merchandise with credit terms of 2/10, net 30 on December 10 requested that Cluff transfer the account to an 8%, 4-month note. The note is signed and exchanged.
Required:
Journalize each of these transactions or events in Cluff's accounting records.

Question

The following information is available for Cluff Corporation, which estimates uncollectible accounts based on sales at year-end.
January 1	Customer purchased $10,000 of merchandise on credit with terms 2/10, net 60.
January 4	Customer purchased merchandise for $20,000 cash.
January 9	Customer who purchased merchandise on January 1 remitted appropriate cash payment. 
January 10	Customer who purchased merchandise on January 4 returned $3,000 of goods for a refund.
January 15	Wrote off an uncollectible account receivable of $2,000.
January 17	Customer purchased $10,000 of merchandise with his WorldCard. WorldCard deducts a 3% fee when remitting the charges made by its customer to vendors.
January 20	Cluff receives the appropriate cash payment from WorldCard related to January 17 transaction.
January 22	A customer who had purchased $5,000 of merchandise with credit terms of 2/10, net 30 on December 10 requested that Cluff transfer the account to an 8%, 4-month note. The note is signed and exchanged.
Required:
Journalize each of these transactions or events in Cluff's accounting records.

Quizplus · Accepted Answer

The Answer of The following information is available for Cluff Corporation, which estimates uncollectible accounts based on sales at year-end.
January 1	Customer purchased $10,000 of merchandise on credit with terms 2/10, net 60.
January 4	Customer purchased merchandise for $20,000 cash.
January 9	Customer who purchased merchandise on January 1 remitted appropriate cash payment. 
January 10	Customer who purchased merchandise on January 4 returned $3,000 of goods for a refund.
January 15	Wrote off an uncollectible account receivable of $2,000.
January 17	Customer purchased $10,000 of merchandise with his WorldCard. WorldCard deducts a 3% fee when remitting the charges made by its customer to vendors.
January 20	Cluff receives the appropriate cash payment from WorldCard related to January 17 transaction.
January 22	A customer who had purchased $5,000 of merchandise with credit terms of 2/10, net 30 on December 10 requested that Cluff transfer the account to an 8%, 4-month note. The note is signed and exchanged.
Required:
Journalize each of these transactions or events in Cluff's accounting records.

The Following Information Is Available for Cluff Corporation, Which Estimates