9:46 MW< 1/2 >Σe5-20Learning Objective3Journalize the following sales transactions for Antique Mall. Explanations arenot required. The company estimates sales returns at the end of each month.Jan. Sold $16,000 of antiques on account, credit terms are n/30. Cost of4 goods is $8,000.8QAAReceived a $300 sales return on damaged goods from the customer.Cost of goods damaged is $150.5G+ lll 62%Ę13 Antique Mall received payment from the customer on the amount duefrom Jan. 4, less the return.C20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOBdestination. Cost of goods is $2,450.20Antique Mall paid $70 on freight out.29Received payment from the customer on the amount due from Jan.20, less the discount.301/ 1480►CWordBit||| 0 <:×

The perpetual inventory system records the cost of goods sold with every sales transaction recorded.…

Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month. Jan. Sold $16,000 of antiques on account, credit terms are n/30. Cost of 4 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.

Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month. Jan. Sold $16,000 of antiques on account, credit terms are n/30. Cost of 4 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.

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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