GENERAL LEDGER ACCOUNTS $15,600 Dr 101 Cash 109 Notes Receivable 111 Accounts Re

Question

GENERAL LEDGER ACCOUNTS $15,600 Dr 101 Cash 109 Notes Receivable 111 Accounts Receivable 401 Sales 451 Sales Returns and Allowances 452 Sales Discounts 20,200 Dr. DATE TRANSACTIONS April 1 Sold merchandise for $3,100 to Soprano Music Center; issued Invoice 9312 with terms of 2/10, n/30. March 25 ($2,400), less a cash discount ($48) credit. 2/10, n/30 ($3,100, less a cash discount ($62). Memorandum 105 for $720; the original sale was made on Invoice 9313 of April 8 terms of 2/10, n/30. 3 Received a check for $2,352 from Music Supply Store in payment of Invoice 6718 of 5 Sold merchandise for $1,375 in cash to a new customer who has not yet established 8 Sold merchandise for $3,700 to Music Warehouse, issued Invoice 9313 with terms of 10 Soprano Music Center sent a check for $3,038 in payment of Invoice 9312 of April 1 15 Accepted a return of damaged merchandise from Music Warehouse; issued Credit 19 Sold merchandise for $9,700 to Eagleton Music Center; issued Invoice 9314 with 23 Collected $2,775 from Sounds From Yesterday for Invoice 6725 of March 25 26 Accepted a two-month promissory note for 4,700 from Country Music Store in 28 Received a check for $9,506 from Eagleton Music Center in payment of Invoice 9314, 30 Sold merchandise for $9,000 to Contemporary Sounds, Inc. issued Invoice 9315 with settlement of its overdue account; the note has an interest rate of 12 percent. dated April 19 ($9,700), less a cash discount ($194) terms of 2/10, n/30

Explanation / Answer

Ans. Journal Entry for Return goods

Apr. 15

                                      Sales Return A/c             720

                                        To Music Wharehouse A/c     720

            (Goods return and credit issued to music wharehouse)

2 Journal entry for receving 12% promossiory note received against settlement

                                      12% Promossiory note A/c Dr $4700

                                        To Country music centre   $4700

                               (12 promossiory note received against settlement)

                                       Awesome Sound

                                   Partial income statment

                                 For the month Ended 30 apr 2017

Revenue

Apr 1            Sold to Sop music                               $3100

apr 5            Sold in Cash                                               $1375

apr 8           Sold to music Wharehouse                          $3700

apr 19         Sold to Eagleton music centre                     $9700

Apr 30        Sold to Centemporary sound                       $9000

Total Gross Sales                                                       $26875

Less Sales Return apr 15 from music wharehouse

Against sales made in apr 8 for invoice 9313                 $720

Net Sales                                                                      $26155

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