aS 5-8 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 tor $6,600, vith eredit terna /30; invoice dated April 1. The cost of the merehandise is $3,960. Apr. 4 The customer in the April 1 sale returned $740 of nerchandise for ful1 eredit. The nerehandine, which had cost $444, is returned to inventory. Apr. 8 Sold merehandise for $2,000, vith credit terma of 1/10, n/30 invoice dated April . Cost of the nerehandise is $1,960. Apr. 11 Received payment for the anount due fron the April 1 sale less the return on April 4. View transaction lst Journal entry worksheet 2. 3. 4 Sold merchandise for $6,600, with credit terms n/30.
aS 5-8 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 tor $6,600, vith eredit terna /30; invoice dated April 1. The cost of the merehandise is $3,960. Apr. 4 The customer in the April 1 sale returned $740 of nerchandise for ful1 eredit. The nerehandine, which had cost $444, is returned to inventory. Apr. 8 Sold merehandise for $2,000, vith credit terma of 1/10, n/30 invoice dated April . Cost of the nerehandise is $1,960. Apr. 11 Received payment for the anount due fron the April 1 sale less the return on April 4. View transaction lst Journal entry worksheet 2. 3. 4 Sold merchandise for $6,600, with credit terms n/30.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:QS 5-8 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 $6,600, vith eredit terna n/30; invoice dated April 1. The cost of the merehandise is
$3,960.
Apr. 4 The customer in the April 1 sale returned $740 of nerchandise for ful1 credit. The nerchandine, which had cont
$444, is returned to inventory.
Apr. B Sold merehandise for $2,000, vith credit terma of 1/10, n/30, invoice dated April . Cost of the nerehandise is
$1,960.
Apr. 11 Received payment for the anount due from the April 1 nale leas the return on April 4.
View transaction list
Journal entry worksheet
2
3.
5.
Sold merchandise for $6,600, with credit terms r30.
Note Enter debits before credta
Date
General Journal
Debit
Credit
Apr 01
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