Exercise 18-19 On June 3, 2017, Martinez Company sold to Ann Mount merchandise having a sales...

3.7 Ratings (500 Votes)

Date	General Journal	Debit	Credit
June 3, 2017	Account receivable	8,700
	Refund Liability		870
	Sales revenue		7,830
	(To record sales revenue.) (Refund Liabilty portion of sales = 870/8700 = 10%)

June 3, 2017	Cost of goods sold	5,481
	Estimated Return Inventory (6090*10%)	609
	Inventory		6,090
	(To record cost of goods sold.)

June 8, 2017	Refund Liability	300
	Account receivable		300
	(To record sales returns)

June 8, 2017	Returned Inventory	110
	Estimated Return Inventory		110
	(To record cost of goods returned)

June 8, 2017	Delivery Expense	23
	Cash		23
	(TO record Delievery Cost.)

July 16, 2017	Cash	8400
	Account receivable		8400
	(To record Cash collection from customer.) (8700-300)

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