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27 November, 09:12

Record the following transactions on the books of Carla Vista Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On July 1, Carla Vista Co. sold merchandise on account to Stacey Inc. for $25,230, terms 4/10, n/30. (b) On July 8, Stacey Inc. returned merchandise worth $5,230 to Carla Vista Co. (c) On July 11, Stacey Inc. paid for the merchandise.

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  1. 27 November, 13:10
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    Journal entries

    Explanation:

    The journal entries are as follows

    On July 1

    Account receivable A/c Dr $25,230

    To Sales revenue $25,230

    (Being the goods are sold on credit)

    On July 8

    Sales return and allowance A/c Dr 5,230

    To Accounts receivable $5,230

    (Being sales return is recorded)

    On July 12

    Cash A/c Dr $19,200

    Sales discount $800 ($20,000 * 4%)

    To Accounts receivable $20,000 ($25,230 - $5,230)
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