Answer:
To journalize the March transactions for Sanso Supply Company, we will record each transaction in the general journal. Here are the journal entries for the given transactions:
1. March 3: Purchased 1200 backpacks at $70 each from Makka Company, terms 5/10, n/120.
Inventory 84,000
Accounts Payable 84,000
2. March 6: Received credit of $700 for the return of 10 backpacks purchased on March 3 that were defective.
Accounts Payable 700
Inventory 700
3. March 9: Sold 250 backpacks for $200 each to Ghazala Books, terms 2/10, n/30.
Accounts Receivable 50,000
Sales 50,000
Cost of Goods Sold 17,500
Inventory 17,500
4. March 13: Paid Makka Company in full.
Accounts Payable 84,000
Cash 84,000
5. March 19: Received payments from Ghazala Books.
Cash [Amount received]
Accounts Receivable [Amount received]
Please note that the specific amounts for cash and accounts receivable in the last entry depend on the actual amount received from Ghazala Books. These entries will record the cash received and reduce the outstanding accounts receivable balance.
Explanation:
These journal entries reflect the transactions for Sanso Supply Company in March.
