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Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $12,500 with terms 2/10, net 30. The cost of the goods sold was $8,125. Sale fill in the blank 8fc02f064037faf_2 fill in the blank 8fc02f064037faf_4 Cost fill in the blank 8fc02f064037faf_6 fill in the blank 8fc02f064037faf_8 b. Received payment within the discount period. fill in the blank 05f0ea00607a008_2 fill in the blank 05f0ea00607a008_4

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Answer:

A.Dr Accounts Receivable 12,500

Cr Sales 12,500

Dr Cost of of sales 8,125

Cr Inventory 8,125

B. Dr Cash 12,250

Dr Sales Discounts 250

Cr Accounts receivable 12,500

Explanation:

Preparation of journal entries

A.Dr Accounts Receivable 12,500

Cr Sales 12,500

(Being to record cost of merchandise sold on account)

Dr Cost of of sales 8,125

Cr Inventory 8,125

(Being to record cost of the goods sold)

B. Dr Cash 12,250

(12,500-250)

Dr Sales Discounts 250

(2%*12,500)

Cr Accounts receivable 12,500

(Being to record payment within the discount period)

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