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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 $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

FINANCIAL ACCOUNTING
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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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
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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