Make a Sales journal entries for the following:
Make a Sales journal entries for the following:
EA11. L0 6.4 Record the
sells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light. The terms of
the sale are 5/15, n/40, invoice dated May 9. On May 13, the customer discovers 50 of the lights are the wrong
color and are granted an allowance of $10 per light for the error. On May 21, the customer pays for the lights,
less the allowance.
Check Figures:
• May 9th entry should include a credit to
Inventory of $5,520
• May 21st entry should include a credit to
A/R for $9,100
I've attached the exa exercise below to support for your work ?
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Done
EA 10)
EA10+Soln (3 of 90)
General Journal
Account Titles and Explanation
Date
NOV. 7 A/R (10+$870)
Sales revenue
To record sale, terms 5/10, n/60
COGS (10*$5600)
Merchandise inventory
To record cost of inventory sold
cash
Ref.
Merch. inventory (2 * $560)
COGS
To record inventory returned
Q
Debit
8,700
5,600
14 SRiA (2 × $870)
AIR
To record allowance granted for a returned computers.
1,740
Credit
1120
8,700
5,600
1,740
1.120
6960
AIR (8,700-$1,740)
७,१७०
To record receipt of customer payment (not received in
the discount period)
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
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