13B. Salem Computers has the following transactions in July related to purchase and sale of merchandise...

 

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13B. Salem Computers has the following transactions in July related to purchase and sale of merchandise inventory. A (Click the icon to view the transactions.) Journalize the transactions for Salem Computers assuming that the company uses the periodic inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Assume the company records sales at the net amount) Jul. 12: Sold computers on account for $17,000 to a customer, terms 1/15, n/45. Date Accounts and Explanation Debit Credit More Info Jul. 12 July 1 Purchase of $22,000 worth of computers on account, terms of 2/10, n/45 July 3 Return of $1,500 of the computers to the vendor. July 9 Payment made on account. July 12 Sold computers on account for $17,000 to a customer, terms 1/15, n/45. Jul. 26: Received payment from customer on balance due. July 26 Received payment from customer on balance due. Date Accounts and Explanation Debit Credit Jul. 26 Print Done Choose from any list or enter any number in the input fields and then continue to the next question. 13B. Salem Computers has the following transactions in July related to purchase and sale of merchandise inventory. A (Click the icon to view the transactions.) Journalize the transactions for Salem Computers assuming that the company uses the periodic inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Assume the company records sales at the net amount) Jul. 12: Sold computers on account for $17,000 to a customer, terms 1/15, n/45. Date Accounts and Explanation Debit Credit More Info Jul. 12 July 1 Purchase of $22,000 worth of computers on account, terms of 2/10, n/45 July 3 Return of $1,500 of the computers to the vendor. July 9 Payment made on account. July 12 Sold computers on account for $17,000 to a customer, terms 1/15, n/45. Jul. 26: Received payment from customer on balance due. July 26 Received payment from customer on balance due. Date Accounts and Explanation Debit Credit Jul. 26 Print Done Choose from any list or enter any number in the input fields and then continue to the next question.

Answer rating: 100% (QA)

Date General Journal Debit Credit July 1 Merchandise Inventory 22000 A... View the full answer