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Journalize the sale and the recognition of the cost of sale

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Reference no: EM132800831

Question - On March 15th Monroe Sales sells $9,525.00 on account to Garrison Brewer with terms of 2/10, n/30. The cost of merchandise sold was $6,905.00.

(a) Journalize the sale and the recognition of the cost of the sale.

(b) On March 20th a $125.00 Credit Memo is given to Garrison Brewer due to merchandise that was damaged upon receipt. Journalize this event. The cost of the returned merchandise was $65.

(c) On March 25th Garrison Brewer submits payment in full. Journalize this event.

Reference no: EM132800831

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