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 $6,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600. April 4 The customer in the April 1 sale returned $680 of merchandise for full credit. The merchandise, which had cost $408, is returned to inventory. April 8 Sold merchandise for $2,500, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,750. 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 1 3 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. April 1 Sold merchandise for $6,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600. April 4 The customer in the April 1 sale returned $680 of merchandise for full credit. The merchandise, which had cost $408, is returned to inventory. April 8 Sold merchandise for $2,500, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,750. 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 1 3 4 <>
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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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 $6,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600.
April 4 The customer in the April 1 sale returned $680 of merchandise for full credit. The merchandise, which had cost $408, is
returned to inventory.
April 8 Sold merchandise for $2,500, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,750.
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
1
2
4
5
6
>
Sold merchandise for $6,000, with credit terms n/30.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Apr 01](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F25310e27-d02e-4900-871a-4bca6692b57f%2Fa93ce747-51b0-473b-a6f5-fd9424976830%2Fzvszemp_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 $6,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600.
April 4 The customer in the April 1 sale returned $680 of merchandise for full credit. The merchandise, which had cost $408, is
returned to inventory.
April 8 Sold merchandise for $2,500, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,750.
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
1
2
4
5
6
>
Sold merchandise for $6,000, with credit terms n/30.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Apr 01
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