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Journalize the following transactions for the seller, Mitchell Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction.

August 3 Sold goods costing $7,200 to Edwards Company on account, $12,000, terms 4/10, n/30. The goods are sold FOB shipping point, freight prepaid by seller, $130.

August 9 Edwards Company returned damaged merchandise previously purchased on account, $2,900.

August 14 Received the amount due from Edwards Company

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9440937

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