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Journalize the transactions for hayes company

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Reference no: EM132474128

Question 1: Journalize the transactions for Hayes Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction.

Point 1: March 4 Sold goods costing $6,000 to Reed Company on account, $10,000, terms 2/10, n/30.

Point 2: March 10 Reed Company was granted an allowance of $800 for returned merchandise that was previously purchased on account. The returned goods are damaged and have no scrap value.

Point 3: March 15 Received the amount due from Reed Company.

Reference no: EM132474128

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