PART III Mini Problems

Journalize the following sales transactions for Ellens Sportswear. Explanations are not required. As a reminder, you need to record both the journal entry for both the sales and the cost of goods sold/inventory in problem number 10.

8. April 2 Ellens Sportswear purchased dresses for $1,000 on Account with terms 2/10 net 30.

9. April 8 Ellens Sportswear paid for the dresses they purchased on April 2 taking advantage of the discount by paying $980 instead of $1,000.

10. May 10, Ellens Sportswear sold $10,000 of womens sportswear for Cash received where Cost of the goods is $5,000.