Vintage World uses a perpetual inventory system. Journalize the following sales transactions for Vintage World. Explanations are not required. The company estimates sales returns at the end of each month. (Record debits first, thencredits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.)(Click the icon to view the transactions.)Jan. 4: Sold $10,000 of antiques on account, credit terms are n/30, to Conch Designs. Cost of goods is $5,000.Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step.AccountsCreditDateJan. 4Now journalize the expense related to the January 4 sale-Cost of goods, $5,000.DebitDateJan. 4DebitAccounts...Credit More infoJan. 4Jan. 8Jan. 13Jan. 20Jan. 20Jan. 29Sold $10,000 of antiques on account, credit terms are n/30, to ConchDesigns. Cost of goods is $5,000.Received a $400 sales return on damaged goods from Conch Designs.Cost of goods damaged is $200.Vintage World received payment from Conch Designs on the amountdue from Jan. 4, less the return.Sold $5,100 of antiques on account, credit terms are 1/10, n/45, FOBdestination, to Winston Furniture. Cost of goods is $2,550.Vintage World paid $100 on freight out to Winston Furniture.Received payment from Winston Furniture on the amount due from Jan.20, less the discount.IK

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Description: Vintage World uses a perpetual inventory system. Journalize the following sales transactions for Vintage World. Explanations are not required. The company estimates sales returns at the end of each month. (Record debits first, thencredits. Exclude e

Date Accounts Debit Credit Jan. 4 Accounts Receivable - Conch Designs $10,000…

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Vintage World uses a perpetual inventory system. Journalize the following sales transactions for Vintage World. Explanations are not required. The company estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.) i (Click the icon to view the transactions.) Jan. 4: Sold $10,000 of antiques on account, credit terms are n/30, to Conch Designs. Cost of goods is $5,000. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Jan. 4 Now journalize the expense related to the January 4 sale-Cost of goods, $5,000. Debit Date Jan. 4 Accounts Credit

Vintage World uses a perpetual inventory system. Journalize the following sales transactions for Vintage World. Explanations are not required. The company estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.) i (Click the icon to view the transactions.) Jan. 4: Sold $10,000 of antiques on account, credit terms are n/30, to Conch Designs. Cost of goods is $5,000. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Jan. 4 Now journalize the expense related to the January 4 sale-Cost of goods, $5,000. Debit Date Jan. 4 Accounts Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Vintage World uses a perpetual inventory system. Journalize the following sales transactions for Vintage World. Explanations are not required. The company estimates sales returns at the end of each month. (Record debits first, then
credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.)
(Click the icon to view the transactions.)
Jan. 4: Sold $10,000 of antiques on account, credit terms are n/30, to Conch Designs. Cost of goods is $5,000.
Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step.
Accounts
Credit
Date
Jan. 4
Now journalize the expense related to the January 4 sale-Cost of goods, $5,000.
Debit
Date
Jan. 4
Debit
Accounts
...
Credit

More info
Jan. 4
Jan. 8
Jan. 13
Jan. 20
Jan. 20
Jan. 29
Sold $10,000 of antiques on account, credit terms are n/30, to Conch
Designs. Cost of goods is $5,000.
Received a $400 sales return on damaged goods from Conch Designs.
Cost of goods damaged is $200.
Vintage World received payment from Conch Designs on the amount
due from Jan. 4, less the return.
Sold $5,100 of antiques on account, credit terms are 1/10, n/45, FOB
destination, to Winston Furniture. Cost of goods is $2,550.
Vintage World paid $100 on freight out to Winston Furniture.
Received payment from Winston Furniture on the amount due from Jan.
20, less the discount.
I
K

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