prepare journal entries for the following transactions for jane’ violin shop Pre

Question

prepare journal entries for the following transactions for jane’ violin shop Pre Prepare journal entries for the following transactions for Jane's Violin 12 Purchased on account 2 boxes of bows for $120. 16 Returned 1 bow for $10 credit. 22 Sold 3 bows for $150, cost $50. 29 Paid the balance due on account. Mar. 4. After the accounts are adjusted and closed at the end of t has a balance of $400,000 and Allowance for Doubtful A $25,000. What is the net realizable value of the accounts $375,000 b) $405,000 c) $425,000 )$400,000 The Allowance for Doubtful Accounts is adjusted: each time a customer's daht ini

Explanation / Answer

Journal entry :

Date account and explanation debit credit Mar 12 Merchandise inventory 120 Account payable 120 (To record purchase) Mar 16 Account payable 10   Merchandise inventory 10 (To record return) Mar 22 Cash 150 Sales revenue 150 (To record sale) Mar 22 Cost of goods sold 50   Merchandise inventory 50 (To record cost of goods sold) Mar 29 Account payable (120-10) 110 Cash 110 (To record amount paid)

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