Patty Corp., a public company, delivers 3,200 units to a customer on 1 April for $80/unit. Patty Corp. has a return policy where they allow any customer to return any unused product within 45 days and receive a full refund. The cost of each product is $64. Based on historical experience Patty estimates that customer will return 2% of the units sold. Patty expects to be able to resell any returned goods. Assume that 50 products are returned on 2 May. No additional units are returned by 15 May (the end of the return period). Required: Prepare the journal entries related to the sale of products. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Prepare the journal entry required on 1 April to record the sale: Note: Enter debits before credits. Date 1 April General Journal Debit Credit
Patty Corp., a public company, delivers 3,200 units to a customer on 1 April for $80/unit. Patty Corp. has a return policy where they allow any customer to return any unused product within 45 days and receive a full refund. The cost of each product is $64. Based on historical experience Patty estimates that customer will return 2% of the units sold. Patty expects to be able to resell any returned goods. Assume that 50 products are returned on 2 May. No additional units are returned by 15 May (the end of the return period). Required: Prepare the journal entries related to the sale of products. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Prepare the journal entry required on 1 April to record the sale: Note: Enter debits before credits. Date 1 April General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Patty Corp., a public company, delivers 3,200 units to a customer on 1 April for $80/unit. Patty Corp. has a return policy where they
allow any customer to return any unused product within 45 days and receive a full refund. The cost of each product is $64. Based on
historical experience Patty estimates that customer will return 2% of the units sold. Patty expects to be able to resell any returned
goods.
Assume that 50 products are returned on 2 May. No additional units are returned by 15 May (the end of the return period).
Required:
Prepare the journal entries related to the sale of products. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
View transaction list
Journal entry worksheet
<
1
2
3
4
5
6
Prepare the journal entry required on 1 April to record the sale:
Note: Enter debits before credits.
Date
1 April
General Journal
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc29d2566-a8ee-4aa1-97ae-e5a26cc94c05%2F6f196d3f-0c38-47fa-99ac-33c96235db30%2Ffdm3pui_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Patty Corp., a public company, delivers 3,200 units to a customer on 1 April for $80/unit. Patty Corp. has a return policy where they
allow any customer to return any unused product within 45 days and receive a full refund. The cost of each product is $64. Based on
historical experience Patty estimates that customer will return 2% of the units sold. Patty expects to be able to resell any returned
goods.
Assume that 50 products are returned on 2 May. No additional units are returned by 15 May (the end of the return period).
Required:
Prepare the journal entries related to the sale of products. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
View transaction list
Journal entry worksheet
<
1
2
3
4
5
6
Prepare the journal entry required on 1 April to record the sale:
Note: Enter debits before credits.
Date
1 April
General Journal
Debit
Credit
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