The following transactions were selected from among those completed by Hailey Retailers in 2014: Nov. 20 Sold two items of merchandise to Baja, who charged the $ 450 sales amount on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. 25 Sold 14 items of merchandise to Christine for $ 2,800; terms 2/ 10, n/ 30. 28 Sold 12 identical items of merchandise to Daoud for $ 7,200; terms 2/ 10, n/ 30. 30 Daoud returned one of the items purchased on the 28th; the item was defective, and credit was given to the customer. Dec. 6 Daoud paid the account balance in full. 30 Christine paid in full the amount due for the purchase on November 25, 2014.
Prepare the appropriate journal entry for each of these transactions, assuming the company uses the gross method to record sales revenue. Do not record the cost of sales.

  • CreatedAugust 04, 2015
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