Question

On January 6, Windsor Co. sells merchandise on account to Harley Inc. for $9,700, terms 2/10, n/30. On January 16, Harley pays the amount due. Prepare the entries on Windsor Co.’s books to record the sale and related collection. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Answer 1

Answer:

Explanation:

Jan. 6

Dr Accounts receivable $9,700  

    Cr Sales                 $9,700

Jan. 16

Cash $10,506

Sales discounts($9,700 * 2%) $194  

Accounts receivable  $10,700

Answer 2

The journal entries are the initial recording of the business transactions in the books of accounts. The entries are prepared in chronological order .i.e. the order of their occurrence. This helps the accountant to prepare the general ledger accounts of each account head.

The journal entries for the sale of merchandise and its amount payment is attached in the image below:

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