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. April 1 Sold merchandise for $3,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,280. April 4 The customer in the April 1 sale returned $460 of merchandise for full credit. The merchandise, which had cost $276, is returned to inventory. April 8 Sold merchandise for $1,400, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $980. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet < Note: Enter debits before credits. Date Apr 01 Sold merchandise for $3,800, with credit terms n/30. Record entry General Journal 6 Clear entry 7 Debit Credit 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. April 1 Sold merchandise for $3,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,280. April 4 The customer in the April 1 sale returned $460 of merchandise for full credit. The merchandise, which had cost $276, is returned to inventory. April 8 Sold merchandise for $1,400, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $980. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet < Note: Enter debits before credits. Date Apr 01 Sold merchandise for $3,800, with credit terms n/30. Record entry General Journal 6 Clear entry 7 Debit Credit View general Journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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.
April 1 Sold merchandise for $3,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is
$2,280.
April 4
The customer in the April 1 sale returned $460 of merchandise for full credit. The merchandise, which had cost
$276, is returned to inventory.
April 8
Sold merchandise for $1,400, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise
is $988.
April 11 Received payment for the amount due from the April 1 sale less the return on April 4.
View transaction list
Journal entry worksheet
2
Date
Apr 01
3
Note: Enter debits before credits.
Sold merchandise for $3,800, with credit terms n/30.
Record entry
4 51 6
General Journal
7
Clear entry
Debit
Credit
View general Journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faadd23fc-54ac-4ee8-94d2-3a947a8bc409%2F46ed89cd-e942-4440-995e-2a859738a2f9%2Fj0dic3_processed.jpeg&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.
April 1 Sold merchandise for $3,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is
$2,280.
April 4
The customer in the April 1 sale returned $460 of merchandise for full credit. The merchandise, which had cost
$276, is returned to inventory.
April 8
Sold merchandise for $1,400, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise
is $988.
April 11 Received payment for the amount due from the April 1 sale less the return on April 4.
View transaction list
Journal entry worksheet
2
Date
Apr 01
3
Note: Enter debits before credits.
Sold merchandise for $3,800, with credit terms n/30.
Record entry
4 51 6
General Journal
7
Clear entry
Debit
Credit
View general Journal
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