What did I do wrong on journal entries? Instructions on Journal entries 1. Skip

Question

What did I do wrong on journal entries?

Instructions on Journal entries 1. Skip a line between each transaction 2. Indent the credit entry 3. Record all transactions to the nearest cent. Chart of Accounts Name of Account Cash Accounts Receivable Merchandise Invento Estimated Returns Invento Store Supplies Prepaid Insurance Store Equipment Accumulated Depreciation- Store Equipment Accounts Payable Salaries Payable Customer Refunds Payable Larkin, Capital Larkin, Drawin Account Number #110 #112 #115 #116 #117 #119 #120 #121 #210 #211 #212 #310 #311 Sales Cost of Merchandise Sold Office Salaries Expensee Sales Salaries Expense Rent Expense Depreciation Expense Insurance Expense Delivery Expense Misc. Selling Expense Misc. Administrative Expense #410 #510 #511 #512 #513 #514 #515 #516 #517 #518

Explanation / Answer

**all other enteries are correct .

**Discount is not available on transportation amount .Discount is only available on net purchase or net sales amount .

Date Account title Debit credit June 13 Accounts payable   [30450-6000] 24450 Merchandise inventory   [30000-6000= 24000*.02] 480 cash 23970 [being amountpaid within discount period is credited to merchandise inventory] june 17 cash   23025 Sales discount    [27000-4500= 22500*.01] 225 Accounts receivable   [27750-4500] 23250 [Being amount received wihin discount period ]

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