50.1K

Verified Solution

Link Copied!

Question 6 Not complete Marked out of 4.00 P Flag question Accounting for Sales Transactions Kate Company uses the perpetual inventory system. Record the journal entries for the following transactions: a. On July 16, Kate sold $600 of merchandise with terms of 2/10, n/30. The cost of the merchandise was $360. b. On July 19, the customer returned $100 of the merchandise from (a). The cost of the merchandise was $60. c. On July 22, the customer paid the entire balance due to Kate. General Journal Description Ref. Debit Credit To record sale of merchandise. To record cost of merchandise sold. To record return of merchandise sold. to record cost of merchandise sold Accounting for Sales Transactions Kate Company uses the perpetual inventory system. Record the journal entries fo a. On July 16, Kate sold $600 of merchandise with terms of 2/10, n/30. The cost of b. On July 19, the customer returned $100 of the merchandise from (a). The cost o c. On July 22, the customer paid the entire balance due to Kate. General Journal Description Ref. Debit Credit To record sale of merchandise. To record cost of merchandise sold. To record return of merchandise sold. To record cost of merchandise sold. Cash Checl Accounts receivable Cash Cost of goods sold Inventory Sales discounts Pri Sales returns Sales revenue Copyright 2010

Answer & Explanation Solved by verified expert

See Answer