Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.Journalizing sales transactionsJournalize the following sales transactions for Salem Sportswear. Explanations are not required. The company estimates sales returns at the end of each month. 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 are3/10, n/30. Cost of goods is $31,000.5 Salem received a $4,500 sales return on damaged goods from thecustomer on July 1. Cost of goods damaged is $2,250.10Salem receives payment from the customer on the amount due, lessdiscount.

Date Accounts Titles and Explanation Debit Cedit Jul. 1 Cash $20,000 Sales…

Answered: Jul. 1 Salem sold $20,000 of men's…

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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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.

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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