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. 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
E5-21 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.
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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