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Journalize the transactions for ward company

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Question 1: Journalize the transactions for Ward 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: June 5 Sold goods costing $4,680 to Gonzalez Company on account, $7,800, terms 5/10, n/30.

Point 2: June 11 Gonzalez Company was granted an allowance of $1,560 for returned merchandise that was previously purchased on account. The returned goods are in perfect condition.

Point 3: June 16 Received the amount due from Gonzalez Company.

Reference no: EM132474123

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