John’s purchased merchandise on account for $6,400. Freight charges of $1,000 we

Question

John’s purchased merchandise on account for $6,400. Freight charges of $1,000 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,300 and John’s account was credited by the supplier. Merchandise costing $3,500 was sold for $6,600 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet

Record the merchandise purchased on account for $6,400.

Note: Enter debits before credits.

Journal entry worksheet

Record the freight charges of $1,000.

Note: Enter debits before credits.

Journal entry worksheet

Record the freight charges of $1,000.

Note: Enter debits before credits.

Journal entry worksheet

Record the return of merchandise costing $1,300.

Note: Enter debits before credits.

Journal entry worksheet

Record the sale of merchandise for $6,600 in cash.

Note: Enter debits before credits.

Journal entry worksheet

Record the cost of goods sold for $3,500.

Note: Enter debits before credits.

Explanation / Answer

Journal entry :

No Account and explanation debit credit Merchandise inventory 6400 Account payable 6400 (To record purchase) Merchandise inventory 1000 Cash 1000 (To record freight paid) Account payable 1300 Merchandise inventory 1300 (To record return) Account receivable 6600 Sales revenue 6600 (To record Sales) Cost of goods sold 3500 Merchandise inventory 3500 (To record cost of goods sold)

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.