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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

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
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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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
Transcribed Image Text: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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