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Assignment 3_2241 - ACCT2241 Fall 2007 Homework...

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ACCT2241 Fall 2007 Homework Assignment #3 – DUE ON OCT 11 th Problem #1 Major Company records both sales revenue and purchases using the gross method and uses a periodic inventory system. July 1 Major Company sold merchandise for $1,000 on terms 2/10 n30. 3 Major Company sold merchandise for $2,000 Corp. on terms 2/10, n30. 5 Major Company sold merchandise for $3,500 with terms 2/10 n30. 8 The customer of July 1 returned $200 of merchandise due to the damage. Major issued a credit note. 10 Major gave $500 allowance to the customer of July 5 for. 13 Major Company received payment for its sales on July 3. 14 Major Company received payment for its sales on July 5. 30 Major Company received payment for its sales on July 1. Required 1. For each transaction, prepare the appropriate journal entry. No explanations are required. 2. Determine the net sale for Major Company for July. 3. Why aren’t sales returns and allowance and sales discount debited to sales revenue account?
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