Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $3,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $1,800. Apr. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory. Apr. 8 Sold merchandise for $1,000, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $700. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual ...” 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
Emily is considered to be an excellent production manager. however, she tends to give attention only to those aspects of the organization that affect her own production operation and to not notice the concerns of other departments.
Answers (1)
An employee used her company-owned computer to e-mail invitations to friends for her upcoming party, which violates the company's acceptable use policy. Who is responsible for correcting the employee's behavior?
Answers (1)
Why is it a problem if the country produces 2 million cars and 75 million tons of iron ores one year
Answers (1)
After the terrorist attacks on September 11, 2001, governments within the United States raised expenditures to increase security at airports. These purchases of goods and services are a. not included in GDP since they do not represent production. b.
Answers (1)
One-on-one marketing and micromarketing are different terms for the same strategy. true false
Answers (1)
New Questions in Business
Harry's Hotdogs is a small street vendor business owned by Harry Huggins. Harry is trying to get a better understanding of his costs by categorizing them as fixed or variable.
Answers (1)
A registered representative opens a new account for a customer by telephone and receives an order to sell 300 shares of ABC at the market.
Answers (1)
Brian brewster sold property to a buyer who paid him $400,000 cash and assumed an existing mortgage of $150,000
Answers (1)
The following inventory information was taken from the records of Kleinfeld Inc.: Historical cost $12,000 Replacement cost $7,000 Expected selling Price $9,000 Expected selling cost $500 Normal profit margin 50% of price Assume that subsequent to
Answers (1)
Eliza has a policy that allows her to deduct the premiums she pays that exceed 10% of her adjusted gross income. Once she turns 65, she can deduct the premiums that exceed 7.5% of her adjusted gross income. Which type of policy does Eliza have?
Answers (1)