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Prepare journal entries to record each of the merchandising transactions assuming that the company records...

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Question

Accounting

Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the
gross method and a periodic inventory system.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
April 1 Sold merchandise for $6,800, with credit terms n30; invoice dated April 1. The cost of the merchandise is $4,080.
April 4 The customer in the April 1 sale returned $760 of merchandise for full credit. The merchandise, which had cost $456, is
returned to inventory.
April 8 Sold merchandise for $2,900, with credit terms of 110,n30; invoice dated April 8. Cost of the merchandise is $2,030.
April 11 Received payment for the amount due from the April 1 sale less the return on April 4.
Journal entry worksheet
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Sold merchandise for $6,800, with credit terms 530; invoice dated April 1.
Note: Enter debits before credits.
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