Use the following information to answer the question below:
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).
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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