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i Safari File Edit View History Bookmarks Window Help 0 89% CO Thu Mar 15 6:14 PM Q Caroline Grades for Caraline Devanney: : ACC175-08-SP18 FINANCIAL ACCOUNTING 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 $3,600, with credit terms n/30; invoice dated April 1. The cost of the merchandise is Apr. The customer in the April 1 sale returned $440 of merchandise for full credit. The merchandise, which had Apr. 8 Sold merchandise for $1,300, with credit terms of 1/10, n 30; invoice dated April 8. Cost of the Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4. $2,160 cost $264, is returned to inventory merchandise is $910. View transaction list View journal entry worksheet No Date General Journal Debit Credit /| 11 Apr 01 Accounts receivable 3,600 Sales 3,600 2Ap 0 Cost of goods sold 2.160 2,160 Merchandise inventory 2.160 2.160 Apr 04Sales retuns and allowances 440 440 Accounts receivable 440 440 Mc Graw

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Apr 1 Account receivable 3600 Sales revenue 3600 Cost of goods sold 2160 Merchandise inventory 2160 Apr 4 Sales return and allowance 440 Account receivable 440 Merchandise inventory 264 Cost of goods sold 264 Apr 8 Account receivable 1300 Sales revenue 1300 Cost of goods sold 910 Merchandise inventory 910 Apr 11 Cash 3160    Account receivable (3600-440) 3160

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