Bauman Corporation is a major distributor of school portables. All sales have terms 1/10, n/15. During July,

Question:

Bauman Corporation is a major distributor of school portables. All sales have terms 1/10, n/15. During July, the following select transactions occurred. For each transaction, identify into which special journal it should be journalized. Use SJ for sales journal, CRJ for cash receipts journal, and GJ for general journal. Also indicate if the accounts receivable sub-ledger is affected.

Date Transaction Special Journal Affects Sub-ledger? July 1 July 2 Sold merchandise on account Defective merchandise sold on July 1 was returned by the customer due to incorrect colour July 5 Received payment regarding the July 1 sale July 14 July 22 July 31 Sold merchandise for cash Sold old

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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