Journal entries? a. Sold merchandise for cash (cost of merchandise $28,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $220). c. Sold merchandise (costing $4,75e) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $140) after vear-end from calor made $ 51, 200 250 10, 000 5,000 160

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Journal entries?
a. Sold merchandise for cash (cost of merchandise $28, 797).
b. Received merchandise returned by customers as unsatisfactory (but in perfect condition)
for cash refund (original cost of merchandise $220).
c. Sold merchandise (costing $4,75e) to a customer on account with terms n/60.
d. Collected half of the balance owed by the customer in (c).
e. Granted a partial allowance relating to credit sales the customer in (c) had not yet
paid.
f. Anticipate further returns of merchandise (costing $140) after year-end from sales made
during the year.
$ 51, 200
250
10, 000
5,000
160
350
Transcribed Image Text:Journal entries? a. Sold merchandise for cash (cost of merchandise $28, 797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $220). c. Sold merchandise (costing $4,75e) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $140) after year-end from sales made during the year. $ 51, 200 250 10, 000 5,000 160 350
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