Prepare Journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method. Apr. 1 Sold merchandise for $6, 280, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,728. Apr. 4 The customer in the April 1 sale returned $7e0 of merchandise for full credit. The merchandise, which had cost $420, is returned to inventory. Apr. 8 Sold merchandise for $2,600, with credit terms of 1/18, n/30; invoice dated April 8. Cost of the merchandise is $1,82e. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.

Prepare Journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method. Apr. 1 Sold merchandise for $6, 280, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,728. Apr. 4 The customer in the April 1 sale returned $7e0 of merchandise for full credit. The merchandise, which had cost $420, is returned to inventory. Apr. 8 Sold merchandise for $2,600, with credit terms of 1/18, n/30; invoice dated April 8. Cost of the merchandise is $1,82e. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.

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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