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    ed0623's Avatar
    ed0623 Posts: 9, Reputation: 1
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    #1

    Aug 13, 2013, 07:32 AM
    Journal entry
    On June 8, 2012'the company sold merchandise for 16,000 terms 2/10, n/30. On June 12, 4,000 worth of merchandise was returned. On June 18, the company received a check for the amount due and uses the inventory system.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Aug 30, 2013, 07:33 AM
    Your accounts to record your journal entry for the sale are Sales Revenue and Accounts Receivable.

    Your accounts to record the return are Sales Returns & Allowances and Accounts Receivable.

    The accounts to record the payment are Cash, Sales Discount, and Accounts Receivable.

    For this problem the payment was made within the discount period so you will have to calculate the amount of the discount.
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