Ch 1 & 2 Test Review Fishbone is a merchandising business that sells snowboards and skateboards Journalize the following transactions

Purchased skateboards on account from Burton, $500.00, P101 Dr. Purchases-Skateboards $500 Dr. Purchases-Skateboards $500 Cr. A/P-Burton $500 Cr. A/P-Burton $500

Sold snowboards on account to Shaun White for $600 plus sales tax (5%). S202 Dr. A/R-Shaun White-$630 Dr. A/R-Shaun White-$630 Cr. Sales Tax Payable-$30 Cr. Sales Tax Payable-$30 Cr. Sales-Snowboards-$600 Cr. Sales-Snowboards-$600

Returned Skateboards to Burton $ from P101. CM 50 Dr. A/P- Burton $100 Dr. A/P- Burton $100 Cr. Purchases Returns and Allowances- Skateboards $100 Cr. Purchases Returns and Allowances- Skateboards $100

Granted credit to Shaun White for returned snowboards $200, plus sales tax from S202. CM40. Dr. Sales Returns and Allowances- Snowboards $200 Dr. Sales Returns and Allowances- Snowboards $200 Dr. Sales Tax Payable $10 Dr. Sales Tax Payable $10 Cr. A/R-Shaun White $210 Cr. A/R-Shaun White $210

Paid cash on account to Burton for $ covering P101 for skateboards, Less CM 50, less 2% discount. C456 Dr. A/P-Burton $ Dr. A/P-Burton $ Cr. Purchases Discount-Skateboards $8.00 Cr. Purchases Discount-Skateboards $8.00 Cr. Cash $ Cr. Cash $392.00

Received cash on account from Shaun Burton for snowboards on his outstanding balance from S202 less 2% discount. R23. Dr. Cash $ Dr. Cash $ Dr. Sales Discount-Snowboards-$8.40 Dr. Sales Discount-Snowboards-$8.40 Cr. A/R-Shaun White $ Cr. A/R-Shaun White $420.00