Home / Questions / Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording
Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Mar. 1 Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost of the merchandise sold was $43,500.Mar 9 Received payment less the discount. March 13 Issued a credit memo for returned merchandise that was sold for $2,300 terms n/30. The cost of the merchandise returned was $1,600.
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