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. 1 Sold merchandise for $4,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,880. 4 The customer in the April 1 sale returned $560 of merchandise for full credit. The merchandise, which had cost $336, is returned to inventory. Apr. Apr. Apr. 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,330. 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. 1 Sold merchandise for $4,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,880. 4 The customer in the April 1 sale returned $560 of merchandise for full credit. The merchandise, which had cost $336, is returned to inventory. Apr. Apr. Apr. 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,330. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 1PB: Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased...
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Question
![View transaction list
Journal entry worksheet
1
2
3
4 5 6 7
Sold merchandise for $4,800, with credit terms n/30.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Apr 01
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc5f2ec32-bb00-431c-981a-9196588026c3%2F1ac74067-306a-4c62-a55e-5b17223b4a38%2Ffz42m6i_processed.png&w=3840&q=75)
Transcribed Image Text:View transaction list
Journal entry worksheet
1
2
3
4 5 6 7
Sold merchandise for $4,800, with credit terms n/30.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Apr 01
Record entry
Clear entry
View general journal
![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.
1 Sold merchandise for $4,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is
$2,880.
4 The customer in the April 1 sale returned $560 of merchandise for full credit. The merchandise, which had cost
$336, is returned to inventory.
8 Sold merchandise for $1,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is
$1,330.
Apr.
Apr.
Apr.
Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.
View transaction list](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc5f2ec32-bb00-431c-981a-9196588026c3%2F1ac74067-306a-4c62-a55e-5b17223b4a38%2Fmrxohp_processed.png&w=3840&q=75)
Transcribed Image Text: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.
1 Sold merchandise for $4,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is
$2,880.
4 The customer in the April 1 sale returned $560 of merchandise for full credit. The merchandise, which had cost
$336, is returned to inventory.
8 Sold merchandise for $1,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is
$1,330.
Apr.
Apr.
Apr.
Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.
View transaction list
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