Question

Finish attempt ... eBook Print Question 2 Not complete Marked out of 8.00 P Flag question Journal Entries for Sale, Return, and Remittance-Perpetual System On September 13, Tomas Company sold merchandise with an invoice price of $1,200 ($600 cost), with terms of 2/10, n/30, to Dalton Company. On September 17, $250 of the merchandise ($80 cost) was returned because it was the wrong model. On September 23, Tomas Company received a check for the amount due from Dalton Company. Required Prepare the journal entries made by Tomas Company for these transactions. Tomas uses the perpetual inventory system. Round your answers to the nearest dollar. General Journal Date Description Debit Credit Sept. 13 Sold merchandise to Dalton Company terms 2/10, 1/30. Cost of merchandise sold to Dalton Company. Merchandise returned by Dalton Company. Cost of merchandise returned by Dalton Company 23 Cash Remittance received from Dalton Company.

Answer 1

Date		Description	Debit	Credit
Sep	13	Accounts receivable	$1200
		Sales revenue		$1200
		(Sold merchandise to Dalton company terms 2/10, n/30)
Sep	13	Cost of goods sold	$600
		Merchandise inventory		$600
		(Cost of merchandise sold to Dalton company)
Sep	17	Sales revenue	$250
		Accounts receivable		$250
		(Merchandise returned by Dalton company)
Sep	17	Merchandise inventory	$80
		Cost of goods sold		$80
		(Cost of merchandise returned by Dalton company)
Sep	23	Cash (1200-250)*98%	$931
		Sales discounts (1200-250)*2%	$19
		Accounts receivable (1200-250)		$950
		(Remittance received from Dalton company)