HILL SCREEN PRI NTERVIRSION ·BACK Brief Exercise 5-4 (Part Level Submission) Pre

Question

HILL SCREEN PRI NTERVIRSION ·BACK Brief Exercise 5-4 (Part Level Submission) Prepare the journal entries to record the following transactions on Novy Company's books using a perpetual inventory system. ? (a) Your answer is correct. On March 2, Novy Company sold $956,000 of merchandise to Opps Company, terms 4/10, n/30. The cost of the merchandise sold was $550,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Sales Revenue (To record credit sale) of Goods Sold To record cost of merchandise sold) LIST OF ACCOUNTS y Policy I ?2000-201&JahnyHey; asons.Inc. All Rights Reserved. A Division of JohnWiley & Sons. Inc. Version 4.2 0 Type here to search F1 F2 F3 F4 FS 4 6

Explanation / Answer

Journal entry 12-Mar Cash/bank A/c Dr $        825,984 Discount on Sales dr $          34,416                   To Account Receivable $        860,400 ( Being balance amount received after adjusting sales return on the term of 4/10)

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