Requirement 1. Journalize The Book Store Oct. 10: Indianriver.com sells 4,500 books on account for $...

Transcribed Image Text:

Requirement 1. Journalize The Book Store Oct. 10: Indianriver.com sells 4,500 books on account for $ 12 each on October 10 to The Book Store Record the transaction on the books of The Book Store Accounts Debit Credit Date Oct. 10 Oct 13: Several books were slightly damaged in shipment, so Indianriver.com granted a sales allowance of $720 to The Book Store. Record the transaction on the books of The Book Store, Date Accounts Debit Credit Oct. 13 Oct. 25: The Book Store paid the balance due. Record the transaction on the books of The Book Store. Date Accounts Debit Credit Oct. 25 Requirement 2. Journalize Indianriver.com's October transactions. The company estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 10: Indianriver.com sells 4,500 books on account for $12 each (cost of these books is $32,400) to The Book Store. Record the transaction on the books of Indianriver.com. Begin by preparing the entry to joumalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Oct. 10 Now journalize the expense related to the October 10 sale. Date Accounts Debit Credit Oct. 10 Oct.13: Several books were slightly damaged in shipment, so Indianriver.com granted a sales allowance of $720 to The Book Store. Record the transaction on the books of Indianriver.com. Date Accounts Debit Credit Oct. 13 Oct. 25: The Book Store paid the balance due. Record the transaction on the books of Indianriver.com. Date Accounts Debit Credit Oct. 25 Requirement 1. Journalize The Book Store Oct. 10: Indianriver.com sells 4,500 books on account for $ 12 each on October 10 to The Book Store Record the transaction on the books of The Book Store Accounts Debit Credit Date Oct. 10 Oct 13: Several books were slightly damaged in shipment, so Indianriver.com granted a sales allowance of $720 to The Book Store. Record the transaction on the books of The Book Store, Date Accounts Debit Credit Oct. 13 Oct. 25: The Book Store paid the balance due. Record the transaction on the books of The Book Store. Date Accounts Debit Credit Oct. 25 Requirement 2. Journalize Indianriver.com's October transactions. The company estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 10: Indianriver.com sells 4,500 books on account for $12 each (cost of these books is $32,400) to The Book Store. Record the transaction on the books of Indianriver.com. Begin by preparing the entry to joumalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Oct. 10 Now journalize the expense related to the October 10 sale. Date Accounts Debit Credit Oct. 10 Oct.13: Several books were slightly damaged in shipment, so Indianriver.com granted a sales allowance of $720 to The Book Store. Record the transaction on the books of Indianriver.com. Date Accounts Debit Credit Oct. 13 Oct. 25: The Book Store paid the balance due. Record the transaction on the books of Indianriver.com. Date Accounts Debit Credit Oct. 25

Answer rating: 100% (QA)

Answer to Requirement 1 Journal Entries in Books of Book Store Journal Entries Date Acc... View the full answer