Bold Interiors reported the following transactions in December:
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Read the requirements.
Requirement 1. Record the foregoing transactions in the journal of Bold Interiors using the gross method. (You do not need to make the cost of sales journal entries; assume that these entries will be made by the company when it makes its other adjusting
entries at period end.) (Record debits first, then credits. Exclude explanations from any journal entries.)
Dec 2: Sold merchandise on account to Toby Bothwell, $1,000, terms 2/10, n/30
Date
Dec 2
Journal Entry
Accounts
Debit
Credit
1 Requirements
Dec 2 Sold merchandise on account to Toby Bothwell, $1,000, terms 2/10, n/30.
10 Sold merchandise on account to Brady Oxford, $2,200, terms 1/10, n/30.
11 Collected payment from Bothwell for the December 2 sale.
15 Oxford returned $1,600 of the merchandise purchased on December 10.
19 Collected payment from Oxford for the balance of the December 10 sale.
1. Record the foregoing transactions in the journal of Bold Interiors using the
gross method. (You do not need to make the cost of sales journal entries;
assume that these entries will be made by the company when it makes its
other adjusting entries at period end.)
2. Calculate the amount of gross sales minus sales discounts for the month of
December.
