Financial Accounting, Student Value Edition (12th Edition)
Financial Accounting, Student Value Edition (12th Edition)
12th Edition
ISBN: 9780134727066
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Chapter 5, Problem 5.28BE

LO 1, 2, 3

(Learning Objectives 1, 2, 3: Apply GAAP for sales, sales returns, and sales discounts) Pastel Interiors reported the following transactions in June:

June 2 Sold merchandise on account to Elisa Birch, $700, terms 1/10, n/30.
10 Sole merchandise on account to Melissa Movens, $2,400, terms 1/10, n/30.
11 Collected payment from Elisa Birch for June 2 sale.
15 Movens returned $1,400 of the merchandise purchased on June 10.
19 Collected payment from Movens for the balance of the June 10 sale.

Requirements

  1.    Record the foregoing transactions in the journal of Pastel Interiors using the gross method. (You do not need to make the cost of sales journal entries; assume that these entries will be made by the company when it makes its other adjusting entries at period end.)

  2.    Calculate the amount of gross sales minus sales discounts for the month of June.

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Chapter 5 Solutions

Financial Accounting, Student Value Edition (12th Edition)

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