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Journalize the transactions for the seller

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Question - Journalize the following transactions for the seller, Ward Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction.July3Sold goods costing $6,600 to James Company on account, $11,000, terms 3/10, n/30. The goods are sold FOB shipping point, freight prepaid by seller, $490.July9James Company returned damaged merchandise previously purchased on account, $1,200.July14Received the amount due from James Company.

Note: The entry to record the shipping payment to the delivery company is not required in this problem.

Reference no: EM132493184

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