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  3. prepare journal entries to record each of the foll

Prepare journal entries to record each of the following sales transactions of EcoMart Merchandising, EcoMart...

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Accounting

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Prepare journal entries to record each of the following sales transactions of EcoMart Merchandising, EcoMart uses a perpetual inventory system and the gross method. Oct. 1 Sold fair trade merchandise for $3,400, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,850. 6 The customer in the October 1 sale returned $340 of fair trade merchandise for full credit. The merchandise, which had cost $185, is returned to inventory. 9 Sold recycled leather merchandise for $1,650, with credit terms of 1/10, n/30, invoice dated October 9. Cost of the merchandise is $1,210. 11 Received payment for the amount due from the October 1 sale less the return on October 6. View transaction list Journal entry worksheet

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