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.
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 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...
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Question
![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.
View transaction list
Journal entry worksheet
1
2
3 4
5
6
7
Sold merchandise for $4,000, with credit terms n/30.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Apr 01
Record entry
Clear entry
View genera](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fed016912-7e10-4774-a3fb-a6d6216c6a8e%2Fdbb1ebfb-1ac4-492f-b8cc-2be4ef2c3bd2%2F02crnc_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 $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.
View transaction list
Journal entry worksheet
1
2
3 4
5
6
7
Sold merchandise for $4,000, with credit terms n/30.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Apr 01
Record entry
Clear entry
View 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.
View transaction list
Journal entry worksheet
1
2
3
4
7
The cost of the merchandise is $2,400.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Apr 01
Record entry
Clear entry
View genera](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fed016912-7e10-4774-a3fb-a6d6216c6a8e%2Fdbb1ebfb-1ac4-492f-b8cc-2be4ef2c3bd2%2Fn6ceqr_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 $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.
View transaction list
Journal entry worksheet
1
2
3
4
7
The cost of the merchandise is $2,400.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Apr 01
Record entry
Clear entry
View genera
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