Question

Cousins, Inc. sells ladies clothing. Customers may pay with (1) cash or check, (2) national credit card (which charges a 1%servicefee), or (3) in house credit with terms 2/10, n/30. The following are selected transactions from Cousins.
March 1 Ms. Leonard charged $450 to her in-house account.
March 4 Cash sales were $1,124, and sales on national credit cards were $1,643.
March 6 The credit card company deposited the appropriate amount to Cousins, Inc.’s bank account.
March 8 Ms. Leonard returned $50 of her March 1 purchases.
March 15 Ms. Adams charged $800 to her in-house account.
March 22 A customer returned merchandise and was given a $120 cash refund.
March 24 Ms. Adams paid her balance in full.
March 25 Ms. Leonard paid her balance in full.
Required:
Journalize the preceding transactions.


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  • CreatedMarch 27, 2015
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