Prepare Journal entries to record each of the following sales transactions of a merchandising company. The c...
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 $6,400, with credit terns n/30; invoice dated April 1. The cost of the merchandise is $3,840. Apr. 4 The customer in the April 1 sale returned $720 of merchandise for full credit. The merchandise, which had cost $432, is returned to inventory. Apr. 8 Sold merchandise for $2,700, with...
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 $6,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $4,080. Apr. The customer in the April 1 sale returned $760 of merchandise for full credit. The merchandise, which had cost $456, is returned to inventory. Apr. & Sold merchandise for $2,900, with credit...
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 $6,600, with credit terms 1/30; invoice dated April 1. The cost of the merchandise is $3.960. apr. The customer in the April 1 sale returned $740 of merchandise for full credit. The merchandise, which had cost $444, is returned to inventory. Npr. 8 Sold merchandise for $2,800, with credit...
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....
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system a the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Boden Company for $6,800 under credit terms of 2/15, n/30, POB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, POB shipping...
Record the following transactions of Fashion Park in a general journal Fashion Park must charge 8 percent sales tax on all sales TRANSACTIONS 2019 April Sold merchandise for cash. $1,150 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned sine of the serchandises provided a cash return to the customer Sold merchandise credit to Jordan Cla u d Sales Slip for plus tax, ter accepted return of damaged merchandise from Jordan Clarks Credit Memorandum 3e2...
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 850 units of product at a cost of $10 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5. Nov. 7 Returned 30 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, minus the...
Journal entry worksheet < 1 2 3 4 5 6 7 Sold merchandise for $6,400, with credit terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit Apr 01 Record entry Clear entry View general Journal Journal entry worksheet < 1 3 4 5 6 7 The cost of the merchandise is $3,840. Note: Enter debits before credits. Date General Journal Debit Credit Apr 01 Record entry Clear entry View general Journal Journal entry worksheet < 1 2...
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method. Nov. 5 Purchased 400 units of product at a cost of $10 per unit. Terms of the sale are 3/10, 1/60; the invoice is dated November 5. Nov. 7 Returned 30 detective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the...
Please help, this is wrong Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Apr. 1 Sold merchandise for $4,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,880. Apr. 4 The customer in the April 1 sale returned $560...