Make a Sales journal entries for the following:EA11. L0 6.4 Record the journal entry or entries for each of the following sales transactions. Glow Industriessells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light. The terms ofthe sale are 5/15, n/40, invoice dated May 9. On May 13, the customer discovers 50 of the lights are the wrongcolor 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 toInventory of $5,520• May 21st entry should include a credit toA/R for $9,100 I've attached the exa exercise below to support for your work ? 8:22DoneEA 10)EA10+Soln (3 of 90)General JournalAccount Titles and ExplanationDateNOV. 7 A/R (10+$870)Sales revenueTo record sale, terms 5/10, n/60COGS (10*$5600)Merchandise inventoryTo record cost of inventory soldcashRef.Merch. inventory (2 * $560)COGSTo record inventory returnedQDebit8,7005,60014 SRiA (2 × $870)AIRTo record allowance granted for a returned computers.1,740Credit11208,7005,6001,7401.1206960AIR (8,700-$1,740)७,१७०To record receipt of customer payment (not received inthe discount period)||| EA10. LO 6.4 Record the journal entries for the following sales transactions of Apache Industries.Nov. 7Nov. 14Nov. 21Sold 10 computers on credit for $870 per computer. Terms of the sale are 5/10, n/60, invoice dated November7. The cost per computer to Apache is $560.The customer returned 2 computers for a full refund from Apache. Apache returns the computers to theirinventory at full cost of $560 per computer.The customer paid their account in full from the November 7 sale.

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Description: Make a Sales journal entries for the following:EA11. L0 6.4 Record the journal entry or entries for each of the following sales transactions. Glow Industriessells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per

Sales journal entries records all cash and credit sales with sales return, discount and allowances.…

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FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Make a Sales journal entries for the following:

EA11. L0 6.4 Record the journal entry or entries for each of the following sales transactions. Glow Industries
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 ?

8:22
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)
|||

EA10. LO 6.4 Record the journal entries for the following sales transactions of Apache Industries.
Nov. 7
Nov. 14
Nov. 21
Sold 10 computers on credit for $870 per computer. Terms of the sale are 5/10, n/60, invoice dated November
7. The cost per computer to Apache is $560.
The customer returned 2 computers for a full refund from Apache. Apache returns the computers to their
inventory at full cost of $560 per computer.
The customer paid their account in full from the November 7 sale.

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