Question

Journalize the following sales transactions for Mike Sportswear Explanations are not regured. The company emates sales res net amount) (Click the icon to view the transactions.) te and each mor e the company was a perpetu a ry and records and do not revia) Journalize the sales transactions. Explanations are not required. (Record debits first, then credits Exclude explorations from ouma entries. Check your engar May 1: Mke sold $24,000 of men's sportswear for cash. Cost of goods solis $12.000 Begin by preparing the entry to jumalize the sale portion of the ansaction. Do not record the expense related to the sale. We wil do that in the blowing up Date Accounts Debit Credit May 1 Now journalize the expense related to the May 1 --Cout of goods sold. $12,000 Date Accounts Debit May 3: Mke sold 560,000 of women's sportswear on account, creditems are 2/10,00. Cost of goods is $27.000 Bogin by preparing the entry to your name the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step Debit Accounts Credit Date Enter any number in the edit fields and then continue to the next question Save for Lator MacBook Pro

Answer 1

1. Journal Entry- Mike
Date	Account Tittle & Explanation	Debit	Credit
1-May	Cash	$24,000
	Sales Revenue		$24,000
	To Record Sales made on cash
1-May	Cost of goods sold	$12,000
	Inventory		$12,000
	TO Record COGS
3-May	Accounts receivable	$60,000
	Sales revenue		$60,000
	To Record Sales made on Account
3-May	Cost of goods sold	$27,000
	Inventory		$27,000
	TO Record COGS
5-May	Sales return	$4,000
	Cash		$4,000
	TO Record Sales Return
5-May	Inventory	$2,000
	Cost of goods sold		$2,000
	TO Record reversal of Goods Return
10-May	Cash	$58,800
	Sales Discount (60000*2%)		1200
	Account Receivable		$60,000
	To Record Sales Rvenue