Check my work QS 4-8 Recording sales, returns, and discounts taken LO P2 Prepare

Question

Check my work QS 4-8 Recording sales, returns, and discounts taken LO P2 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 $3,000, with credit terms n/30: invoice dated April 1. The cost of the merchandise is Apr. 4 The customer in the April 1 sale returned $300 of nerchandise for full credit. The merchandise, which had cost Apr. 8 Sold merchandise for $1,000, with credit terms of 1/10, n/30: invoice dated April 8. Cost of the nerchandise ia Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4. ipped $1,800. $180, is returned to inventory $700 Book Hint Print ferencets View transaction list Journal entry worksheet Sold merchandise for $3,000, with credit terms n/30. Note: Enter debits before credits. K Prex 4 of 8 Next >

Explanation / Answer

Journal Entries Sr. No. Sr. No. Account Title and explanation Debit Credit 1 Apr - 01 Account Receivable $3,000      To Sales $3,000 2 Apr - 01 Cost of Goods Sold $1,800      To Merchandise $1,800 3 Apr - 04 Sales Return $300        To Account Receivable $300 4 Apr - 04 Merchandise $180        To Cost of Goods Sold $180 5 Apr - 08 Account Receivable $1,000      To Sales $1,000 6 Apr - 08 Cost of Goods Sold $700      To Merchandise $700 7 Apr - 11 Cash $2,700      To Account Receivable $2,700

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