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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 $5,200, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,120. April 4 The customer in the April 1 sale returned $600 of merchandise for full credit. The merchandise, which had cost $360, is returned to inventory. April 8 Sold merchandise for $2,100, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,470. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction et Journal entry worksheet < 1 2 Date April 01 3 Note: Enter debits before credits. Record entry 4 5 Sold merchandise for $5,200, with credit terms n/30. 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 $5,200, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,120. April 4 The customer in the April 1 sale returned $600 of merchandise for full credit. The merchandise, which had cost $360, is returned to inventory. April 8 Sold merchandise for $2,100, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,470. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction et Journal entry worksheet < 1 2 Date April 01 3 Note: Enter debits before credits. Record entry 4 5 Sold merchandise for $5,200, with credit terms n/30. 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 $5,200, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,120. April 4 The customer in the April 1 sale returned $600 of merchandise for full credit. The merchandise, which had cost $360, is returned to inventory. April 8 Sold merchandise for $2,100, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,470. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction Met Journal entry worksheet 1 2 Note: Enter debits before credits. Date April 01 Record entry 5 Sold merchandise for $5,200, with credit terms n/30. General Journal 6 Clear entry 7 Debit Credit View general journal V
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 $5,200, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,120. April 4 The customer in the April 1 sale returned $600 of merchandise for full credit. The merchandise, which had cost $360, is returned to inventory. April 8 Sold merchandise for $2,100, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,470. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction Met Journal entry worksheet 1 2 Note: Enter debits before credits. Date April 01 Record entry 5 Sold merchandise for $5,200, with credit terms n/30. General Journal 6 Clear entry 7 Debit Credit View general journal V
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