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Journalize the following merchandise transactions. The company uses the perpetual inventory system.
a. Sold merchandise on account, $17,300, with terms 2/10, net 30. The cost of the goods sold was $12,600.
Sale Accounts Receivable
Cost of Goods Sold
Cost Inventory
Cash
b. Received payment within the discount period.
Sales
Accounts Receivable
Are these categories and $ amounts correct?

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Zviko

Answer:

a.

Accounts Receivable $17,300 (debit)

Cost of Goods Sold $12,600 (debit)

Sales Revenue $17,300 (credit)

Inventory $12,600 (credit)

b.

Cash $15,916 (debit)

Accounts Receivable $15,916 (credit)

Explanation:

The Perpetual Inventory system records the cost of inventory after every sale.

a. Sale of Sold merchandise on account

Recognize the Revenue and Cost of Sale as follows :

J1

Accounts Receivable $17,300 (debit)

Sales Revenue $17,300 (credit)

J2

Cost of Sales $12,600 (debit)

Merchandise $12,600 (credit)

b.Received payment within the discount period

Recognize the Cash receipts  to the extend of amount paid less cash discount of 2%

Cash $15,916 (debit)

Accounts Receivable $15,916 (credit)

Cash Receipt = $17,300 × 92% = $15,916

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