Suppose Muddyriver com sells 2 000 books on account for 19 each
Suppose sells 2,000 books on account for $19 each (cost of these books is $22,800), credit terms 1/20, n/45 on October 10, 2016, to The Salem Store. One hundred of these books (cost $1,140) were damaged in shipment, so later received the damaged goods from The Salem Store as sales returns on October 13, 2016. The Salem Store paid the balance to on October 22, 2016.
1. Journalize The Salem Stores October 2016 transactions.
2. Journalize’s October 2016 transactions.
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