NY Enterprise, engaged in the following selected transactions for July 2020. (PERIODIC SYSTEM)

-Journalize the transactions above

-Compute for the net sales

July 2 - Cash sales to Mr. H amounted to $ 30,000.

July 8 - Sold to Mr. C goods costing $ 25,000. Terms: $ 5,000 down, balance: 2/5, 1/10, n/30.

July 9 - Delivered goods to Mr. B, $ 20,000 on a cash basis. Paid freight of $ 2,500. FOB Shipping.

July 10 - Mr. H returned some goods and give a cash credit for $ 2,000.

July 13 - Mr. C paid its account.

July 17 - Mr. X bought goods worth $ 30,500 on the account. Freight of $ 2,500 was paid for the delivery of goods. FOB Destination.

July 19 - Mr. L bought goods worth $ 16,000. Terms: $ 2,000 down, balance 2/10, n/30.

July 24 - Collected account of Mr. X.

July 31 - Collected the balance of Mr. L

Answer rating: 100% (QA)

Journal is a daily recording of the transaction and it is a day book Journal entry is the first record of the transaction Every transaction is recorde... View the full answer