Question: Journalize the following sales transactions for Double M Archery using

Journalize the following sales transactions for Double M Archery using the periodic inventory system. Explanations are not required.
Aug. 1 Sold $ 7,320 of equipment on account, credit terms are 3/10, n/30.
3 Received a $ 240 sales return on damaged goods from the customer.
8 Double M receives payment from the customer on the amount due from Aug. 1, less the return and discount.
15 Sold $ 2,880 of equipment on account, credit terms are 1/10, n/45, FOB destination.
15 Double M paid $ 60 on freight out.
20 Double M negotiated a $ 180 allowance on the goods sold on Aug. 15.
24 Receives payment from the customer on the amount due from Aug. 15, less the allowance and discount.




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  • CreatedJanuary 16, 2015
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