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Question
Argyle Company uses a cash receipts journal (periodic system) as shown below:
| Date | Account Credited | Explanation | Cash Dr. | Sales Disc. Dr. | Accounts Receivable Cr. | Sales Cr. | Other Accounts Cr. |
How would the following transactions be recorded in this cash receipt journal?
12/10 Sold merchandise to Sock Company for $9,260 cash (cost is $5,556)
12/11 Sold merchandise on credit to Gardner, Inc, invoice no. 873, for $7,000 (cost is $4,200). Terms are 2/10, n/30.
A.
| Date | Account Credited | Explanation | Cash Dr. | Sales Disc. Dr. | Accounts Receivable Cr. | Sales Cr. | Other Accounts Cr. |
| 12/10 | Sales | Cash Sales | 9,260 | ||||
| 12/11 | Sales | Credit Sales | 7,000 |
B.
| Date | Account Credited | Explanation | Cash Dr. | Sales Disc. Dr. | Accounts Receivable Cr. | Sales Cr. | Other Accounts Cr. |
| 12/10 | Sales | Cash Sales | 9,260 | 9,260 | |||
| 12/11 | Sales | Credit Sales | 140 | 6,860 |
C.
| Date | Account Credited | Explanation | Cash Dr. | Sales Disc. Dr. | Accounts Receivable Cr. | Sales Cr. | Other Accounts Cr. |
| 12/10 | Sales | Cash Sales | 9,260 | 9,260 | |||
| 12/11 | Sales | Credit Sales | 140 | 6,860 | 7,000 |
D.
| Date | Account Credited | Explanation | Cash Dr. | Sales Disc. Dr. | Accounts Receivable Cr. | Sales Cr. | Other Accounts Cr. |
| 12/10 | Sales | Cash Sales | 9,260 | 9,260 | |||
E.
| Date | Account Credited | Explanation | Cash Dr. | Sales Disc. Dr. | Accounts Receivable Cr. | Sales Cr. | Other Accounts Cr. |
| 12/10 | Sales | Cash Sales | 9,260 | 9,260 | |||
Answer
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Related questions
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