Recording the sales transactions in journal


Response to the following problem:

Record the following sales transactions in general journal form on the books of Fry Company (the seller). a. Sold merchandise on account to Lee Company, invoice no. 8765, $1,500; terms 2/10, n/30.

b. Issued credit memo no. 967 to Lee Company for damaged merchandise, $100.

c. Lee Company paid the account in full within the discount period.

 

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Accounting Basics: Recording the sales transactions in journal
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