Jan. 4 Sold $16,000 of antiques on account, credit terms are n/30. Cost of goods is $8,000. 8 Received a $300 sales return on damaged goods from the customer. Cost of goods damaged is $150. 13 Antique Mall received payment from the customer on the amount due from Jan. 4, less the return. 20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450. 20 Antique Mall paid $70 on freight out. 29 Received payment from the customer on the amount due from Jan. 20, less the discount.
Jan. 4 Sold $16,000 of antiques on account, credit terms are n/30. Cost of goods is $8,000. 8 Received a $300 sales return on damaged goods from the customer. Cost of goods damaged is $150. 13 Antique Mall received payment from the customer on the amount due from Jan. 4, less the return. 20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450. 20 Antique Mall paid $70 on freight out. 29 Received payment from the customer 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
Assume the perpetual inventory; system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.
Journalizing sales transactions
Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month.
Transcribed Image Text:Jan. 4 Sold $16,000 of antiques on account, credit terms are n/30. Cost of goods
is $8,000.
8 Received a $300 sales return on damaged goods from the customer. Cost
of goods damaged is $150.
13 Antique Mall received payment from the customer on the amount due
from Jan. 4, less the return.
20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB
destination. Cost of goods is $2,450.
20 Antique Mall paid $70 on freight out.
29 Received payment from the customer on the amount due from Jan. 20,
less the discount.
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