The Following Are Transactions for Bill for the Month of October

question 71

Essay

The following are transactions for Bill for the month of October. Indicate how the following transactions would be recorded by completing the necessary journal entries as appropriate (omit explanations). Also post to the General Journal, General Ledger, and Subsidiary Ledgers as appropriate.
Nov. 1 Bill invested $20,000 in his business.
Nov. 3 Sold $2,500 of merchandise on account to H. Baxter, sales invoice No. 1, terms 1/10, n/30.
Nov. 5 Sold $1,200 of merchandise on account to T. Toms, sales invoice No. 2, terms 1/10, n/30.
Nov. 13 Received cash from H. Baxter in payment for November 3 transaction, less the discount.
Nov. 14 Issued credit memorandum No. 1 to T. Toms for $100 for merchandise returned from
November 5 sale on account.
Nov. 15 Received cash from T. Toms for the amount due, less the discount.
GENERAL JOURNAL

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Definitions:

Relationships

Connections or associations between individuals or entities based on social, emotional, professional, or commercial interactions.

Industry Jargon

Specialized language or terminology used within a particular industry or profession that might not be understood by outsiders.

Communication

The act of conveying information and ideas through speech, writing, or signals.

Receiver

The person or entity for whom a message is intended, playing a crucial role in the communication process.