Part 2-60 points. Each problem is worth 20 points Hiatt Company uses a s Record
ID: 2491007 • Letter: P
Question
Part 2-60 points. Each problem is worth 20 points Hiatt Company uses a s Record the following transactions in the appropriate journals. The cost of all merchandise sold was 7 of the sales price. July 2 Sold merchandise for $15,000 to B. Pine on account. Credit terms 2/10, n/30. Sales invoice No. 100. July 5 Received a check for $800 from R. Giger in payment of his account. July 10 Received a check in payment of invoice No. 100 from B. Pine minus the 2% discount. ales journal and a cash receipts journal to record transactions with its customers. 0%Explanation / Answer
Journal Entries Date Account Title Dr $ Cr$ July 2. Sales Revenue 15,000 Accounts Receivable(B.Pyne) 15,000 Cost of Goods Sold 10,500 Finished Goods Inventory 10,500 July 5. Cash 800 Accounts Receivable(R. Giger) 800 Jul 10. Cash 14,700 Accounts Receivable(B.Pyne) 15,000 Sales Discount 300 JUl15. Sales Revenue 9,000 Accounts Receivable(J Long) 9,000 Cost of Goods Sold 6,300 Finished Goods Inventory 6,300 Jul 18. Cash 25,000 Note Payable 25,000 Jul 20. Sales Revenue 12,000 Accounts Receivable(C Judd) 12,000 Cost of Goods Sold 8,400 Finished Goods Inventory 8,400 Jul 31. Cash 5,000 Accounts Receivable(J Long) 5,000