Prepare journal entries to record each of the followingsales transactions of a merchandising company. Thecompany uses a perpetual inventory system and the grossmethod.April 1 Sold merchandise for $4,000, with creditterms n/30; invoice dated April 1. The costof the merchandise is $2,400.April 4 The customer in the April 1 sale returned$480 of merchandise for full credit. Themerchandise, which had cost $288, isreturned to inventory.April 8 Sold merchandise for $1,500, with creditterms of 1/10, n/30; invoice dated April 8.Cost of the merchandise is $1,050.April 11 Received payment for the amount due fromthe April 1 sale less the return on April4.View transaction listJournal entry worksheet123 4567Sold merchandise for $4,000, with credit terms n/30.Note: Enter debits before credits.DateGeneral JournalDebitCreditApr 01Record entryClear entryView genera Prepare journal entries to record each of the followingsales transactions of a merchandising company. Thecompany uses a perpetual inventory system and the grossmethod.April 1 Sold merchandise for $4,000, with creditterms n/30; invoice dated April 1. The costof the merchandise is $2,400.April 4 The customer in the April 1 sale returned$480 of merchandise for full credit. Themerchandise, which had cost $288, isreturned to inventory.April 8 Sold merchandise for $1,500, with creditterms of 1/10, n/30; invoice dated April 8.Cost of the merchandise is $1,050.April 11 Received payment for the amount due fromthe April 1 sale less the return on April4.View transaction listJournal entry worksheet12347The cost of the merchandise is $2,400.Note: Enter debits before credits.DateGeneral JournalDebitCreditApr 01Record entryClear entryView genera

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 $4,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,400. April 4 The customer in the April 1 sale returned $480 of merchandise for full credit. The merchandise, which had cost $288, is returned to inventory. April 8 Sold merchandise for $1,500, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,050. April 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. April 1 Sold merchandise for $4,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,400. April 4 The customer in the April 1 sale returned $480 of merchandise for full credit. The merchandise, which had cost $288, is returned to inventory. April 8 Sold merchandise for $1,500, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,050. April 11 Received payment for the amount due from the April 1 sale less the return on April 4.

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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John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 1 2 3 4 5 Record the merchandise purchased on account for $5,500. Note: Enter debits before credits. Transaction General Journal Debit Credit 1a Record entry Clear entry View general journal 1b Record the payment of freight charges for $55o. 2. Record the return of merchandise purchased on account costing $850. 3a. Record the sale of merchandise for…
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