-Prepare All Journal Entries Necessary to Record the Following Transactions $\$ 2,000$

question 91

Essay

-Prepare all journal entries necessary to record the following transactions of Zion Enterprises for the month of May.
May 4 Sold a $\$ 2,000$ rug to Grand \& Associates on account, terms $2 / 10, n / 30$ . The rug had a cost of $\$ 750$ .
7 Received a $\$ 100$ deposit from Canyon Industries for a rug which was to be cleaned. An additional balance of $\$ 100$ will be collected at the time of pick-up.
11 Sold a rug for $\$ 1,450$ cash. The rug had a cost of $\$ 800$ .
13 Received payment from Grand \& Associates for the rug purchased on May 4th, less the applicable discount.
16 Canyon Industries picked up its cleaned rug and paid the balance due.
18 Sold a $\$ 4,500$ rug to Bryce Corporation on account, terms $1 / 10, n / 60$ . The rug had a cost of $\$ 2,900$ .
21 Bryce Corporation requested a reduction in the price of the rug because of a defect. Zion granted a \$200 allowance to Bryce.
28 Received payment from Bryce for the May 18 th sale, less the allowance and the discount.

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