9.5   Learning Objective 9-5


1) The following are transactions for Brian for the month of October. Indicate how the following transactions would be recorded by completing the necessary journal entries as appropriate (omit explanations).


Oct.1Brian invested $15,000 in his business.

Oct.3Sold $2,500 of merchandise on account to H. Holand, sales invoice No. 1, terms 1/10, n/30.

Oct.5Sold $1,200 of merchandise on account to T. Traer, sales invoice No. 2, terms 1/10, n/30.

Oct.13Received cash from H. Holand in payment for October 3 transaction, less the discount.

Oct.14Issued credit memorandum No. 1 to T. Traer for $100 for merchandise returned from October 5 sale on account.

Oct.15Received cash from T. Traer for the amount due, less the discount.





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