Prepare journal entries to record the transactions assuming a periodic inventory system. Feb. 1 Sold merchandise with a cost of $1,650 for $2,400; terms 2/10, n/30, FOB destination. 2 Paid $240 to ship the merchandise sold on February 1. 3 The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. 4 Sold merchandise to a customer for $4,100 (cost of sales $2,580); terms 2/10, n/30, FOB destination. 11 Collected the amount owing from the customer of February 1. 23 Sold merchandise to a customer for cash of $1,230 (cost of sales $750). 28 The customer of February 4 paid the amount owing.
Prepare journal entries to record the transactions assuming a periodic inventory system. Feb. 1 Sold merchandise with a cost of $1,650 for $2,400; terms 2/10, n/30, FOB destination. 2 Paid $240 to ship the merchandise sold on February 1. 3 The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. 4 Sold merchandise to a customer for $4,100 (cost of sales $2,580); terms 2/10, n/30, FOB destination. 11 Collected the amount owing from the customer of February 1. 23 Sold merchandise to a customer for cash of $1,230 (cost of sales $750). 28 The customer of February 4 paid the amount owing.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Prepare journal entries to record the transactions assuming a periodic inventory system.
Feb. 1 Sold merchandise with a cost of $1,650 for $2,400; terms 2/10, n/30, FOB destination.
2 Paid $240 to ship the merchandise sold on February 1.
3 The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to
inventory.
4 Sold merchandise to a customer for $4,100 (cost of sales $2,580); terms 2/10, n/30, FOB destination.
11 Collected the amount owing from the customer of February 1.
23 Sold merchandise to a customer for cash of $1,230 (cost of sales $750).
28 The customer of February 4 paid the amount owing.
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Journal entry worksheet
3
4
6.
7
>
Record sale of merchandise with a cost of $1,650 for $2,400; terms 2/10, n/30
FOB destination.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Feb. 01
Record entry
Clear entry
View general journal
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