Question

omework Saved Help Save & Exi Check 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 $3,800, with credit terms 1/30; Invoice dated April 1. The cost of the merchandise is $2,280. Apr. 4 The customer in the April 1 sale returned $460 of merchandise for full credit. The merchandise, which had cost $276, is returned to inventory. Apr. 8 Sold merchandise for $1,400, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $980. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 > Sold merchandise for $3,800, with credit terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit Apr 01 < Prey 3 of 4 Next >

Answer 1

Journal Entries
No.	Date	General Journal	Debit	Credit
1)	Apr. 1	Accounts Receivable	$3,800
		Sales Revenue		$3,800
		(To record the sales made on account)
2)	Apr. 1	Cost of Goods Sold	$2,280
		Inventory		$2,280
		(To record the cost of goods sold)
3)	Apr. 4	Sales Returns	$460
		Accounts Receivable		$460
		(To record the return of inventory sold on account)
4)	Apr. 4	Inventory	$276
		Cost of Goods Sold		$276
		(To record the cost of goods returned)
5)	Apr. 8	Accounts Receivable	$1,400
		Sales Revenue		$1,400
		(To record the sales made on account)
6)	Apr. 8	Cost of Goods Sold	$980
		Inventory		$980
		(To record the cost of goods sold)
7)	Apr. 11	Cash	$3,340
		Accounts Receivable ($3,800 - $460)		$3,340
		(To record the collection of accounts receivable)