Sold $32,800 of merchandise on April 28 to Valez Ltd., terms n/30. The goods sold had cost Hiroole $24,000. (List all debit entriesbefore credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry isrequired, select "No Entry" for the account titles and enter O for the amounts.)(b) .DateApril 28April 28Account Titles and ExplanationMay 3May 3Accounts ReceivableSalesRefund Liability(To record sales)Cost of Goods SoldEstimated Inventory ReturnsInventory(To record cost of goods sold)Date Account Titles and Explanation(To record sales returns)Debit(To record cost of goods returned)32800Debit23040960On May 3, merchandise with a selling price of $1,260 was returned by Valez. The goods had a cost of $960 and they were restorto inventory. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Donot indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Credit314881312Credit24000Attempts: 1 of 1 usAttempts: 0 of 1 used Subm

The first stage with in accounting cycle seems to be a journal entry. A journal records the…

Answered: terea. t 32800 23040 960 Credit Attemp…

terea. t 32800 23040 960 Credit Attemp s had a cost of $960 and they lly indented when the amount is O for the amounts.) Credit

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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Question

Sold $32,800 of merchandise on April 28 to Valez Ltd., terms n/30. The goods sold had cost Hiroole $24,000. (List all debit entries
before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter O for the amounts.)
(b) .
Date
April 28
April 28
Account Titles and Explanation
May 3
May 3
Accounts Receivable
Sales
Refund Liability
(To record sales)
Cost of Goods Sold
Estimated Inventory Returns
Inventory
(To record cost of goods sold)
Date Account Titles and Explanation
(To record sales returns)
Debit
(To record cost of goods returned)
32800
Debit
23040
960
On May 3, merchandise with a selling price of $1,260 was returned by Valez. The goods had a cost of $960 and they were restor
to inventory. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do
not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Credit
31488
1312
Credit
24000
Attempts: 1 of 1 us
Attempts: 0 of 1 used Subm

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