SALES RETURNS AND DISCOUNTS 2
Complete the following transactions into t-account form. The chart of accounts is below
Transactions
1.
The owner invests $10,000 in her own business.
2.
A sale is made for $8500 plus HST on account. Terms are 2/5 net 30.
3.
Half of the goods in transaction 2 were returned.
4.
The remainder of the sale in transaction 2 is paid within 5 days.
Chart of Accounts
Bank
Sales
Accounts Receivable
HST Payable
Sales Discounts
Capital
Sales Returns