Record the following transactions in the general ledger that appears immediately after the transactions

Marketing Dec 20, 2020

Record the following transactions in the general ledger that appears immediately after the transactions.

a. Goods sold on credit (on account), for $100,500 with terms 3/15, n/30. Cost of goods sold was $45,000.

b. Record the payments made by the clients, assuming they paid the entire amount within the discount period.

General Journal

Expert Solution

Transaction	Account	Debit	Credit
a	Accounts Receivables	100,500
	Sales		100,500
	To record the sale of goods.

a	Cost of Goods Sold	45,000
	Inventory		45,000
	To record the cost of inventory sold.

b	Cash	97,485
	Sales Discount	3,015
	Accounts Receivables		100,500
	To record the collection of receivables.

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