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How do record the transactions in the sales journal

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Reference no: EM132939181

M and N Sporting Goods reports these selected transactions for the month of July:

July 9 Issued invoice No. 159 for a sale on account to Evans Company, $4,600, terms 1/10 n/30. The cost of the merchandise was $2,700.

10 Issued invoice No. 160 for a sale on account to Sails and Boats, $5,700, terms 2/15 n/45. The cost of the merchandise was $2,450.

20 Issued a credit memo to Sails and Boats for $2,800 for merchandise returned. The cost of the returned merchandise was $1,200.

Problem 1: Record the above transactions in either the sales journal or the general journal. M and N Sporting Goods has a perpetual inventory system.

Reference no: EM132939181

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