Please help ! Prepare journal entries to record each of the following sales transactions of...

80.2K

Verified Solution

Question

Accounting

Please help !

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 $4,400, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,640.
Apr. 4 The customer in the April 1 sale returned $520 of merchandise for full credit. The merchandise, which had cost $312, is returned to inventory.
Apr. 8 Sold merchandise for $1,700, with credit terms of 1/10, n/30 invoice dated April 8. Cost of the merchandise is $1,190.
Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.

image

Journal entry worksheet 2 1 3 4 5 6 7 Sold merchandise for $4,400, with credit terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit Accounts receivable 4,400 Ap 01 Sales 4,400 Record entry Clear entry View general journal

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students