Accounting

Journalize the following transactions for the Prado Company:

Oct. 8 Sold $9,200 of merchandise to Zen, Inc., on account, terms 2/10, n/60. The merchandise had a cost of $6,000.

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Oct. 10 Zen, Inc., returned some of the merchandise, receiving an $800 credit from Prado Company. The merchandise, which originally cost Prado $500, was put back into inventory.

Oct. 23 Received payment from Zen, Inc., for the merchandise purchased on October 8, less the return and any appropriate discount.

Carpenter Company estimated uncollectible accounts expense for the year ended June 30, 2010, at $4,500. During July 2010, Carpenter identified the Wong account as uncollectible and wrote off the balance of $375. Give the journal entries to record these events.

What is the effect of each entry on net accounts receivable?

Given the following events, prepare the necessary journal entries on behalf of ABC Company:

A. Jeff Gray placed an order for merchandise and made a $2,000 deposit.

B. ABC Company notified Jeff that his order was ready for pickup.

C. Jeff picked up his order and paid the balance due, $5,000.

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