Jul. 1 Salem sold $20,000 of men's sportswear for cash. Cost of goods sold is $10,000. 3 Salem sold $62,000 of women's sportswear on account, credit terms are 3/10, n/30. Cost of goods is $31,000. 5 Salem received a $4,500 sales return on damaged goods from the customer on July 1. Cost of goods damaged is $2,250. 10 Salem receives payment from the customer on the amount due, less discount.
Jul. 1 Salem sold $20,000 of men's sportswear for cash. Cost of goods sold is $10,000. 3 Salem sold $62,000 of women's sportswear on account, credit terms are 3/10, n/30. Cost of goods is $31,000. 5 Salem received a $4,500 sales return on damaged goods from the customer on July 1. Cost of goods damaged is $2,250. 10 Salem receives payment from the customer on the amount due, less 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 Salem Sportswear. Explanations are not required. The company estimates sales returns at the end of each month.
Transcribed Image Text:Jul. 1 Salem sold $20,000 of men's sportswear for cash. Cost of goods sold is
$10,000.
3 Salem sold $62,000 of women's sportswear on account, credit terms are
3/10, n/30. Cost of goods is $31,000.
5 Salem received a $4,500 sales return on damaged goods from the
customer on July 1. Cost of goods damaged is $2,250.
10
Salem receives payment from the customer on the amount due, less
discount.
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