50.1K

Verified Solution

Link Copied!

Current Attempt in Progress Selected transactions follow for Foress Sports Ltd. during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system, Feb. 2 4 5 8 10 22 24 Sold $1,139 of merchandise to Andrew Noren on account, terms n/30. The goods had cost Foress $768. Andrew Noren returned for credit $141 of the merchandise purchased on February 2. The goods had cost Foress $86 and they were returned to inventory Sold $753 of merchandise to Dong Corporation on account, terms 1/30. The goods had cost Foress $486. Sold $841 of merchandise to Michael Collins for cash. The goods had cost Foress $625. Sold $925 of merchandise to Rafik Kurji account, terms /30. The goods had cost Foress $680. Dong Corporation paid its account in full, Andrew Noren purchased an additional $692 of merchandise on account, terms 30. The goods had cost Foress $411 Sold $1.725 of merchandise to Batstone Corporation, terms 1/30. The goods had cost Foress $1.098. Andrew Noren paid $998 on account 27 28 (a) Prepare the journal entries to record each of the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to the nearest whole dollares. 5.275) Date Account Titles and Explanation Debit Credit Feb 2 Accounts Receivable Refund Liability To record sales) Cost of Goods Sold Estimated Inventory Returns Inventory Date Account Titles and Explanation Debit Credit Feb 2 Accounts Receivable Sales Refund Liability (To record sales) Cost of Goods Sold Estimated Inventory Returns Inventory (To record cost of goods sold) Refund Liability Feb 4 Accounts Receivable (To record sales returns) Inventory Estimated Inventory Returns [To record cost of roods returned Accounts Receivable Sales Refund by To record sales Cost of Goods Sold Estimated Inventory Returns Inventory To record cost of goods sold) Cath Feb. V Sales Refund ability

Answer & Explanation Solved by verified expert

See Answer