A seller uses a perpetual inventory system, and on April 17, a customer returns $1,000 of merchandise previously purchased on credit on April 13. The seller's cost of the merchandise returned was $480. The merchandise is not defective and is restored to inventory. The seller has not yet received any cash from the customer Complete the two journal entries to record the return transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns The first journal entry is to record the revenue part of the transaction the second journal entry is to record the cost part View transaction list Journal entry worksheet Prepare the journal entry is to record the revenue part of the transaction Noter Enter debits before credts Date General Journal Debit Credit April 17 Record entry Clear entry View general journal
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A seller uses a perpetual inventory system, and on April 17, a customer returns $1,000 of merchandise previously purchased on credit on ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
When Jenna Henderson works overtime (any hours over 40 hours a week), she us paid 1.5 times her regular hourly rate. Last week, she worked 62 hours. If her regular hourly rate is $6.50, what did she earn last week?
Answers (2)
Kokomochi is considering the launch of an advertising campaign for its latest dessert product, the Mini Mochi Munch. Kokomochi plans to spend $ 6.5 million on TV, radio, and print advertising this year for the campaign.
Answers (1)
Smith's electronics originally priced a private-label portable dvd player at $90, and then sold 1,500 units per week. after raising the price to $100, sales dropped to 1,000 units per week.
Answers (1)
Claudia and Patrick would like to dissolve their business partnership. They are confident that they can work collaboratively on the terms of the settlement, but they do not have much money to spend on the process and are nervous about the prospect
Answers (1)
The initial step in channel stewardship is mapping the channels of a given industry. It calls for analyzing four major forces that drive the evolution of distribution channels in that industry.
Answers (1)
New Questions in Business
What is the primary thing a company risks when attempting to find a cheaper vendor? A. reliability B. quality C. delivery timeline D. consistency
Answers (1)
Activity based costing can be used by the buyer to:a. correct the distortions built into product costing by the way that direct costs are allocated. b.
Answers (1)
Craftmaples, a chain of handicraft stores, was established with the purpose of preserving traditional handicrafts. The company's strategic purpose is clear to all its employees, and all of them work toward achieving the same purpose.
Answers (1)
When money is acting as a store of value, it allows an individual toA. exchange goods for other goods and services in the economy. B. transfer dollars, and therefore purchasing power, into the future. C.
Answers (1)
Bennett purchased a tract of land for $20,000 in 2012 when he heard that a new highway was going to be constructed through the property and the land would soon be worth $200,000.
Answers (1)