InstructionsChart of Accounts(X)Longmire & Sons made sales on credit to Alderman Sports totaling $800,000 on April 18. The cost of the goods sold is $700,000.CHART OF ACCOUNTSLongmire estimates 3% of its sales to Alderman may be returned. On May 22, $16,000 worth of goods (with a cost of $12,800) arereturned by Alderman. Longmire uses a periodic inventory system.Longmire & SonsGeneral LedgerRequired:Prepare the related journal entries for Longmire & Sons.ASSETSREVENUE111 Cash411 Sales Revenue121 Accounts Receivable141 InventoryEXPENSES152 Prepaid Insurance500 Cost of Goods Sold181 Equipment511 Insurance Expense198 Accumulated Depreciation512 Utilities Expense521 Salaries ExpenseGeneral JournalLIABILITIES532 Bad Debt Expense211 Accounts Payable540 Interest ExpensePrepare the related journal entries for Longmire & Sons.226 Return Liability541 Depreciation Expense231 Salaries Payable559 Miscellaneous ExpensesGeneral Journal Instructions250 Unearned Revenue910 Income Tax Expense261 Income Taxes PayablePAGE 1EQUITYGENERAL JOURNAL311 Common StockDATEACCOUNT TITLEPOST. REF.DEBITCREDIT331 RetainedEarnings1.2345

The journal entries are prepared to keep the record of day to day transactions of the business.

Answered: Instructions Longmire & Sons made sales…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Longmire uses a periodic inventory system.
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Iρngmire & Sons made sales On credit to Alderman Sports totaling $500,000 On April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9 ,000 worth of goods (with a cost of $7,200) are returned by Alderman. Iρngmire uses a periodic inventory system. Prepare the related journal entries for Longmire & Sons.

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