Journal entry worksheet<2Record the return of unsatisfactory merchandise for which credit was given.Transactionb.3Note: Enter debits before credits.Record entryGeneral JournalClear entryDebitCreditView general journal Required information[The following information applies to the questions displayed below.]The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us(SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise fromSSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume thefollowing transactions between the two companies occurred in the order listed during the year ended December31.a. SSG sold merchandise to SRU at a selling price of $140,000. The merchandise had cost SSG $100,000.b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered.SSG agreed to give an allowance of $4,500 to SRU. SRU also returned some sporting goods, which had costSSG $13,500 and had been sold to SRU for $18,000. No further returns are expectedc. Just three days later SRU paid SSG, which settled all amounts owed.. Prepare the journal entries that SRU would record. (If no entry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.)

Retail merchandiser A merchandiser that involves in the acquisition of finished goods from the…

Answered: Journal entry worksheet < 1 2 3 Record…

Journal entry worksheet < 1 2 3 Record the return of unsatisfactory merchandise for which credit was given. Transaction b. Note: Enter debits before credits. General Journal Debit Credit

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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Could you answer the question through this journal I'm confused on where to input the information
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