The following transactions are for Alonzo Company.
1. On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co. on account. The cost of the merchandise sold was $330,000.
2. On December 8, Arte Co. returned $25,000 of merchandise purchased on December 3. The cost of the goods was $16,000.
3. On December 13, Alonzo Company received the balance due from Arte Co.

Prepare a tabular summary to record these transactions for Alonzo Company using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e. g. -45 or parentheses e. g. (45).)

The Journal entries are as follows:

1. On December 3,

Accounts receivables A/c Dr. $500,000

             To sales A/c                                 $500,000

(To record the sales on account)

Cost of goods sold A/c Dr. $330,000

              To merchandise inventory A/c $330,000

(To record the cost of goods sold)

2. On December 8,

Sales return and allowance A/c Dr. $25,000

                     To accounts receivable             $25,000

(To record the Sales return and allowance)

3. On December 13,

Cash A/c Dr. $470,250

Sales discount A/c Dr. $4,750

        To accounts receivables            $475,000

(To record the balance due from Arte Co.)

Workings:

Sales discount = $475,000 × 0.01

                         = $4,750

Note: Terms 1/10 and n/30.

Cash = accounts receivables - Sales discount

         = $475,000 - $4,750

         = $470,250

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