Record the following transactions on the books of Wildhorse Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) On July 1, Wildhorse Co. sold merchandise on account to Stacey Inc. for $25,000, terms 3/10, n/30.
(b) On July 8, Stacey Inc. returned merchandise worth $2,500 to Wildhorse Co..
(c) On July 11, Stacey Inc. paid for the merchandise.
No Date Account Titles and Explanation Debit Credit
a
b
c
c) July 11

Answer and Explanation:

The journal entries are shown below:

a. Account receivable Dr $25,000

           To Sales revenue $25.000

(Being goods sold on account)

b. Sales returns & allowance Dr $2,500

        To Account receivable $2,500

(being returned goods is recorded)

c. Cash Dr $21,825

   Sales discount Dr ($22,500 × 3%) $675

          To Account receivable ($25,000 - $2,500) $22,500

(being cash is recorded)

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answer; microeconomics;