Can you answer the following question ? Can you answer the following question ?

Question

Can you answer the following question ? Can you answer the following question ? Journal Entry On January 5,2014, Jay Corp.sold inventory to a customer for $25,000, with terms of 1/20, net 30. On January 8, 2014, the customer returned one-half of the inventory. The company collected the amount due from this customer on January 14, 2014. Complete the necessary adjustment by selecting the account names and dollar amounts from the drop-down menus. Date Account Title Debit Credit January 14 select select select select select select select select select Submit answer& continue

Explanation / Answer

Journal Entries Sr. No. Date Account Title and explanation Debit Credit 1 Jna, 05 Account Receivable $25,000      To Merchandise $25,000 (To Record the sale of merchandise) 2 Jna, 05 Merchandise $12,500         To Account Receivable $12,500 (To Record the sales return ) 3 January ,14 Cash ($ 12,500 X 99%) $12,375 Purchase Discount ($12,500X1%) $125         To Account Receivable $12,500 (To record the cash receipt)

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