Tsang Corporation operates in a state with no sales tax. The company uses the perpetual inventory system. DATE TRANSACTIONS 20X1 June 5 Sold merchandise on account to Benson Company; issued Sales Slip 1200 for $1,040, terms n/30. The cost of the merchandise sold was $722. 15 Recorded cash sales, $2,070. The cost of merchandise sold was $1,488. 30 Received payment on account due from Benson Company for the sale on June 5. Required: Record these transactions in a general journal.

Tsang Corporation operates in a state with no sales tax. The company uses the perpetual inventory system. DATE TRANSACTIONS 20X1 June 5 Sold merchandise on account to Benson Company; issued Sales Slip 1200 for $1,040, terms n/30. The cost of the merchandise sold was $722. 15 Recorded cash sales, $2,070. The cost of merchandise sold was $1,488. 30 Received payment on account due from Benson Company for the sale on June 5. Required: Record these transactions in a general journal.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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