Homework Answers
Answer:
| Date | Particulars | Debit ($) | Credit ($) |
| 4 Oct | Merchandise Inventory | 27300 | |
| Accounts payable (182*150) | 27300 | ||
| 5 Oct | Inventory | 1000 | |
| Cash | 1000 | ||
| 6 Oct | Accounts receivable | 4420 | |
| Sales revenue (13*340) | 4420 | ||
| Cost of goods sold | 1817 | ||
| Inventory | 1817 | ||
| 7 Oct | Accounts payable | 1500 | |
| Inventory (10*150) | 1500 | ||
| 13 Oct | Sales return allowance | 340 | |
| Accounts receivable | 340 | ||
| Inventory | 158 | ||
| Cost of goods sold | 158 | ||
| 14 Oct | Accounts payable (27300-1500) | 25800 | |
| Cash (25800*0.98) | 25284 | ||
| Inventory (25800*0.02) | 516 |
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