Fox CorpEngaged in the Following Transactions During the Month of June

question 56

Essay

Fox Corp.engaged in the following transactions during the month of June:
$\begin{array}{ll}\text { June } 1 & \text { Made cash sales of } \$ 8,000 \\5 & \text { Made credit sales of } \$ 21,000, \text { terms } 2 / 10, \mathrm{n} / 30 . \\9 & \text { Customers returned } \$ 500 \text { of merchandise from the June } 5 \text { sale because it was defective. } \\14 & \text { Received payment for balance due on the June } 5 \text { sale. } \\19 & \text { Sold land that had originally cost } \$ 8,500 \text { for } \$ 10,000 \text { cash }\end{array}$
Required:
Record these transactions in a general journal, assuming Fox uses a periodic inventory system.

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Definitions:

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