Answer:
The answers are:
A) to record sales
Dr Accounts Receivable 853,600
Cr Sales Revenue 853,600
to record inventory
Dr Cost of Goods Sold 540,300
Cr Merchandise Inventory 540,300
B) to record sales returns
Dr Sales Returns & Allowances 114,200
Cr Accounts Receivable 114,200
to record inventory
Dr Merchandise Inventory 68,200
Cr Cost of Goods Sold 68,200
C) to record payment
Cr Cash 717,218
Cr Sales Discounts 22,182
Dr Accounts Receivable 739,400
The appropriate journal entries to record the given transactions are:
Debit Accounts Receivable $853,600; Credit Sales Revenue$853,600.
March 2
Debit Accounts Receivable $853,600
Credit Sales Revenue$853,600
March 2
Debit Cost of Goods Sold $540,300
Credit Inventory $540,300
March 6
Debit Sales Returns and Allowances $114,200
Credit Accounts Receivable $114,200
March 6
Debit Inventory $68,200
Credit Cost of Goods Sold $68,200
March 12
Debit Cash $717,218
($739,400 - $22,182)
Debit Sales Discounts $22,182
($739,000 × 3%)
Credit Accounts Receivable $739,400
($853,600 - $114,200)
Inconclusion the appropriate journal entries to record the given transactions are: Debit Accounts Receivable $853,600; Credit Sales Revenue$853,600.
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