Graham Corp

question 36

Essay

Graham Corp. engaged in the following transactions during the month of June:
June 1 Made cash sales of $15,000.
5 Made credit sales of $25,000.
9 Customers returned $800 of merchandise from the June 5 sale because it was defective.
14 Received payment for balance due on the June 5 sale.
19 Sold land that had originally cost $15,000 for $55,000 cash.
Required:
Record these transactions in a general journal, assuming Graham uses a periodic inventory system.