AT&T; 11:41 PM cms.psu.edu Purchase Discounts In the previous question, you iden

Question

AT&T; 11:41 PM cms.psu.edu Purchase Discounts In the previous question, you identified cutoff errors with the revenue process. You will now need to correct the errors you found. Required: For each of the following transactions, prepare the necessary journal entry. If there is no journal entry needed, simply type "none" in the first box. A. Sales in the amount of $3,200 were invoiced on December 27, 2014 and entered into the 2014 sales journal. The merchandise cost $2,300 and was shipped out on December 30, 2014 Debit Credit B. Sales in the amount of $2,300 were invoiced on December 31, 2014 and entered into the 2014 sales journal. The merchandise cost $1,200 and was shipped out on December 22, 2014 Debit Credit C. Sales in the amount of $900 were invoiced on December 29, 2014 and entered into the 2014 sales journal. The merchandise cost $500 and was shipped out on December 30, 2014 Debit Credit D. Sales in the amount of $5,600 were invoiced on December 31, 2014 and entered into the 2014 sales journal. The merchandise cost $3,900 and was shipped out on January 2, 2015. Debit Credit

Explanation / Answer

JOURNAL ENTRIES:

A.

B.

C.

D.

DATE PARTICULARS DEBIT($) CREDIT($) 12/27/2014 DEBTORS A/C DR 3,200 TO SALES A/C 3,200 (BEING GOODS SOLD)

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