Answer:
July 1 Debit inventory 5100 credit Accounts payable 5100
5 July Debit Accounts receivables 900 credit sales 900
debit cost of sales 720 credit inventory 720
7 July Debit Accounts payable 850, credit inventory 850
9 July Debit sales allowance 400, credit Accounts receivables 400
debit inventory 240 credit cost of sales 240
10 July Debit Accounts payable 4165 credit bank 4165
15. July Debit Bank 13000 credit sales 13000
debit cost of sales 10400 credit inventory 10400
debit bank charges 390 credit bank 390
17 debit merchandise 5000 credit Accounts payable 5000
26 Debit Accounts payable 4950 credit bank 4950
Explanation:
1 july inventory is the total of purchases plus freight charges.
10 july the discount is on the remaining amount after the goods returned because goods returned had decreased the amount owing.
26 july the trade discounts are for when buying and paying same day when it it is on account there can only be settlement discount