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Use the following information to answer the question below: Sales$20,000 Sales Discount

Use the following information to answer the question below: Sales$20,000 Sales Discount

 Use the following information to answer the question below:

Sales$20,000

Sales Discount 200

Sales Returns and Allowances 1,000

Purchases Returns and Allowances50

 

The Net Sales are __________.

37) The following are selected transactions for P. Pratt Company. For each transaction, indicate the account(s) to be debited and the account(s) to be credited. Also indicate in which of the following journals each transaction will be recorded Sales Journal (S), Cash Receipts Journal (CR), or General Journal (GJ).

 

Account(s)Account(s)

Debit      Credit      Journal   

____________________________________ a. Sold merchandise on account to M. Mahar.

____________________________________ b. P. Pratt invested additional cash in the business

____________________________________ c.Received payment from M. Mahar.

No discount was given.

____________________________________ d. Made a cash sale.

____________________________________ e. Issued a credit memo to B. Briggs.

 

 

38) What is the self check that a person should implement after creating the schedule of accounts receivable?

 

 

 

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Tripti 06-Dec-2019

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