contestada

Recording sales, returns, and discounts taken LO P2 Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method.
Apr. 1 Sold merchandise for $3,000, with credit terms n/30: invoice dated April 1. The cost of the merchandise is $1800
Apr. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180 ,is returned to inventory
Apr. 8 Sold merchandise for $1,000, with credit terms of 1/10, n/30: invoice dated April 8. Cost of the merchandise is $700
Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.

Respuesta :

Answer and Explanation:

The journal entries are shown below:

1. Account Receivable $3,000  

    To Sales         $3,000

(Being sale is recorded)

2. Cost of Goods Sold    $1,800  

              To Merchandise       $1,800

(Being the cost of goods sold is recorded)

3. Sales Return    $300  

            To Account Receivable  $300

(Being sales return is recorded)

4. Merchandise   $180  

          To Cost of Goods Sold  $180

(being cost return is recorded)

5. Account Receivable $1,000  

           To Sales    $1,000

(Being sale is recorded)

6.  Cost of Goods Sold    $700

              To Merchandise       $700

(Being the cost of goods sold is recorded)

7. Cash  $2,700  ($3,000 - $300)

          To Account Receivable  $2,700

(Being payment receipt is recorded)

Otras preguntas