Problem
Wang Corporation operates in a state with no sales tax. The company uses the perpetual inventory system. DATE TRANSACTIONS 20X1 June5 Sold merchandise on account to Brown Company; issued Sales Slip 1200 for $1,025, terms n/30. The cost of the merchandise sold was $733. 15 Recorded cash sales, $1,990. The cost of merchandise sold was $1,388. 30 Received payment on account due from Brown Company for the sale on June 5.
Task
Record these transactions in a general journal.
A. Sold merchandise on account to Brown Company; issued Sales Slip 1200 for $1,025, terms n/30.
B. The cost of the merchandise sold was $733.
C. Recorded cash sales, $1,990.
D. The cost of merchandise sold was $1,388.
E. Received payment on account due from Brown Company for the sale on June 5.