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On september 12, ryan company sold merchandise in the amount of $8,200 to johnson company, with credit terms of 3/10, n/30. the cost of the items sold is $5,200. ryan uses the periodic inventory system and the net method of accounting for sales. on september 14, johnson returns some of the merchandise. the selling price of the merchandise is $740 and the cost of the merchandise returned is $470. johnson pays the invoice on september 18, and takes the appropriate discount. the journal entry that ryan makes on september 18 is:

Respuesta :

Answer:

the journal entry that ryan makes on september 18 is:

Db Cash__________________ 7236,2  

Db Sales discount___________ 223,8  

Cr  Account receivable_______________________7460

Explanation:

Sold merchandise 8200  

Credit 3/10 n/30  

Cost 5200  

 

return 740  

Cost 470  

 

Account receivable 7460  

Discount % 3%  

Discount 223,8  

 

 

Cash__________________ 7236,2  

Sales discount___________ 223,8  

Account receivable_______________________  7460

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