(Solved): QS 4-8 (Algo) Recording sales, returns, and discounts taken LO P2 Prepare journal entries to record ...
QS 4-8 (Algo) Recording sales, returns, and discounts taken LO P2 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. April 1 Sold merchandise for 36,0e0, with credit terms n/30; involce dated Apri1 2. The cost of the merchandise is 53 , 6ee. April 4 the custoner in the Apri1 1 sale returned $680 of nerchandise for full credit. The merchandise, which had cost \$4es, is returned to inventory. April 8 sold merchandise for $2,500, with credit terms of 1/10,n/30; invoice dated ApriI 8 . Cost of the merchandise is $1,750. Apri1 11 Received paynent for the amount due from the April 1 sale less the return on Apri1 4.
Journal entry worksheet 4567 Sold merchandise for $6,000, with credit terms n/30. Noter Enfer debits bciote credits
Journal entry worksheet 45 The cost of the merchandise is $3,600. Note: Enter debits before credits.
Journal entry worksheet <167 The customer in the A ril 1 sale returned $680 of merchandise for full credit. Note: Enter debits before credits.