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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 $3,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $1,800. April 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory. April 8 Sold merchandise for $1,000, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $700. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list View journal entry worksheet No 1 2 3 Date April 01 April 01 April 04 Accounts receivable Sales discounts Merchandise inventory Merchandise inventory General Journal Debit 3,000 1,800 300 Credit 3,000 300 Ⓒ

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 $3,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $1,800. April 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory. April 8 Sold merchandise for $1,000, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $700. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list View journal entry worksheet No 1 2 3 Date April 01 April 01 April 04 Accounts receivable Sales discounts Merchandise inventory Merchandise inventory General Journal Debit 3,000 1,800 300 Credit 3,000 300 Ⓒ

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 $3,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $1,800. April 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory. April 8 Sold merchandise for $1,000, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $700. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list View journal entry worksheet No 1 2 3 Date April 01 April 01 April 04 Accounts receivable Sales discounts Merchandise inventory Merchandise inventory General Journal Debit 3,000 1,800 300 Credit 3,000 300 Ⓒ
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 $3,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $1,800. April 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory. April 8 Sold merchandise for $1,000, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $700. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list View journal entry worksheet No 1 2 3 Date April 01 April 01 April 04 Accounts receivable Sales discounts Merchandise inventory Merchandise inventory General Journal Debit 3,000 1,800 300 Credit 3,000 300 Ⓒ
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