College Accounting Chapters 1-13 15th Edition

Exercise 7.4 Objective 7-2 Recording sales returns and allowances Record the general journal entries for the following transactions of Linens and Things that occurred in July. Use 15 as the page number for the general journal. DATE TRANSACTIONS Accepted a return of damaged merchandise from Terri McDonald, a credit customer; issued Credit Memorandum 301 for $837, which includes sales tax of $62, the original sale was made on Sales Slip 1610 of June 30 Gave an allowance to Robert Lynch, a credit customer, for merchandise that was slightly damaged but usable; issued Credit Memorandum 302 for $1,026, which includes sales tax of $76; the original sale was made on Sales Slip 1663 of July 17. July 5 21