Accountingjournal

Jan 3: Purchased $25000 of merchandise on account from Zeff Co., terms 2/10, n/30 Jan 5: Returned Merchandise purchased on account from Zeff Co. on January 3, $5000 Jan 12: Sold merchandise on account to Smith Co., $50000, terms 1/10, n/30. The cost of the goods sold was $35000 Jan 13: Paid Zeff Co. for purchase on January 3, on account, less return and discount. Jan 15: Received merchandise return on account from Smith Co., $8000. The cost of the goods returned was $5600 Jan 22: Received payment in full on account from Smith Co., less return and discount.

The combination is in the debit column for January 22.