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.

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Definitions:

Aorta

Large artery that receives oxygenated blood pumped out of the heart’s left ventricle.

Pulmonary Circuit

The pathway of blood flow between the heart and lungs where carbon dioxide is exchanged for oxygen.

Red Blood Cells

The cells in the blood responsible for carrying oxygen from the lungs to the body tissues and carbon dioxide back to the lungs.

Hemoglobin

A protein in red blood cells responsible for transporting oxygen from the lungs to the body's organs and tissues and bringing back carbon dioxide from them for expulsion.