E-F:5-23 Journalizing sales transactions (Learning Objective 3) Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month. Jan. 4 8 13 20 20 29 Sold $16,000 of antiques on account, credit terms are n/30, to Cavalli Designs. Cost of goods is $8,000. Received a $300 sales return on damaged goods from Cavalli Designs. Cost of goods damaged is $150. Antique Mall received payment from Cavalli Designs on the amount due from Jan. 4, less the return. Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination, to White Furniture. Cost of goods is $2,450. Antique Mall paid $70 on freight out to White Furniture. Received payment from White Furniture on the amount due from Jan. 20, less the discount.
E-F:5-23 Journalizing sales transactions (Learning Objective 3) Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month. Jan. 4 8 13 20 20 29 Sold $16,000 of antiques on account, credit terms are n/30, to Cavalli Designs. Cost of goods is $8,000. Received a $300 sales return on damaged goods from Cavalli Designs. Cost of goods damaged is $150. Antique Mall received payment from Cavalli Designs on the amount due from Jan. 4, less the return. Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination, to White Furniture. Cost of goods is $2,450. Antique Mall paid $70 on freight out to White Furniture. Received payment from White Furniture on the amount due from Jan. 20, less the discount.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![E5-57
O
E-F:5-23 Journalizing sales transactions (Learning Objective 3)
Journalize the following sales transactions for Antique Mall.
Explanations are not required. The company estimates sales returns at
the end of each month.
Jan. 4
&
4
7
8
13
20
20
29
Sold $16,000 of antiques on account, credit terms are n/30, to Cavalli
Designs. Cost of goods is $8,000.
Received a $300 sales return on damaged goods from Cavalli Designs. Cost
of goods damaged is $150.
Antique Mall received payment from Cavalli Designs on the amount due
from Jan. 4, less the return.
Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB
destination, to White Furniture. Cost of goods is $2,450.
Antique Mall paid $70 on freight out to White Furniture.
Received payment from White Furniture on the amount due from Jan. 20,
less the discount.
4+
8
144
9
▶||
F5-57
U
A
لا
insert
←
prt sc
backspace
9:28 PM
9/21/2022
delete
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Transcribed Image Text:E5-57
O
E-F:5-23 Journalizing sales transactions (Learning Objective 3)
Journalize the following sales transactions for Antique Mall.
Explanations are not required. The company estimates sales returns at
the end of each month.
Jan. 4
&
4
7
8
13
20
20
29
Sold $16,000 of antiques on account, credit terms are n/30, to Cavalli
Designs. Cost of goods is $8,000.
Received a $300 sales return on damaged goods from Cavalli Designs. Cost
of goods damaged is $150.
Antique Mall received payment from Cavalli Designs on the amount due
from Jan. 4, less the return.
Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB
destination, to White Furniture. Cost of goods is $2,450.
Antique Mall paid $70 on freight out to White Furniture.
Received payment from White Furniture on the amount due from Jan. 20,
less the discount.
4+
8
144
9
▶||
F5-57
U
A
لا
insert
←
prt sc
backspace
9:28 PM
9/21/2022
delete
hom
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