Sasser Company Uses a Sales Journal, a Cash Receipts Journal

Essay

Sasser Company uses a sales journal, a cash receipts journal, and a general journal to record transactions with its customers. Record the following transactions in the appropriate journals. The cost of all merchandise sold was 70% of the sales price.
July 2 Sold merchandise for $21,000 to B. Stine on account. Credit terms 2/10, n/30. Sales invoice No. 100.
July 5 Received a check for $800 from R. Hyatt in payment of his account.
July 8 Sold merchandise to F. Wendel for $900 cash.
July 10 Received a check in payment of Sales invoice No. 100 from B. Stine minus the 2% discount.
July 15 Sold merchandise for $9,000 to J. Nott on account. Credit terms 2/10, n/30. Sales invoice No. 101.
July 18 Borrowed $25,000 cash from United Bank signing a 6-month, 10% note.
July 20 Sold merchandise for $18,000 to C. Karn on account. Credit terms 2/10, n/30. Sales invoice No. 102.
July 25 Issued a credit memorandum for $600 to C. Karn as an allowance for damaged merchandise previously sold on account.
July 31 Received a check from J. Nott for $5,000 as payment on account.
SASSER COMPANY
Sales Journal
S1
------------------------------------------
Invoice Acct. Rec. Dr. COGS Dr.
Date Account Debited No. Ref. Sales Rev. Cr. Inventory Cr.
------------------------------------------
------------------------------------------
------------------------------------------
------------------------------------------
------------------------------------------
SASSER COMPANY
General Journal
G1
------------------------------------------
Date Explanations Ref. Debit Credit
------------------------------------------
------------------------------------------
------------------------------------------
------------------------------------------
------------------------------------------
SASSER COMPANY
Cash Receipts Journal
CR1
-------------------------------------------
Sales Accounts Sales Other COGS Dr.
Accounts Cash Discounts Rec. Rev. Accounts Inven. Cr.
Date Credited Ref. Dr. Dr. Cr. Cr. Cr.
-------------------------------------------
-------------------------------------------
-------------------------------------------
-------------------------------------------
-------------------------------------------
-------------------------------------------
-------------------------------------------