For the following transactions prepare journal entries, Ask an Expert

Accounting

For the following transactions, prepare journal entries needed to adjust the company's books. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
a. Outstanding checks of $12,000.
b. Bank service charge of $15.
c. Deposit in transit of $2,300.

d.Interest earned of $5.

Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit?

Net sales:

Gross profit:

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