Question
1. Record the cash sales of $490 to Cheryl Jahn. 2. Record the cost of goods sold of $360. 3. Record the sales on account
1. Record the cash sales of $490 to Cheryl Jahn.
2. Record the cost of goods sold of $360.
3. Record the sales on account of 20 items for $4,600 to Vasko Athletics on terms 3/10, n/30.Record the sales on account of 20 items for $4,600 to Vasko Athletics on terms 3/10, n/30.
4. Record the cost of goods sold of $2,800.
5. Record the sales on account of 10 items for $6,600 to Nancys Gym on terms 3/10, n/30.
6. Record the cost of goods sold of $4,300.
7. Record the return of 1 item by Nancys Gym in perfect condition for which credit was given to the customer.
8. Record the reversal of the cost of goods sold for the sales return.
9. Record the receipt of payment in full from Nancys Gym.
10. Record the receipt of payment in full from Vasko Athletics.
16.66 points E6-17 Recording Journal Entries for Net Sales with Credit Sales, Sales Discounts, and Sales Returns LO 6-4] The following transactions were selected from among those completed by Bear's Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $490 sales price in cash. The goods cost Bear's $360 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of 34,800 (total); terms 310, n/30. The goods cost Bear's $2,800 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of S8,800 (total); terms 3/10, n/30. The goods cost Bear's $4,300 29 Nancy's Gym retumed one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer Dec. 8 Nancy's Gym paid the account balance in full. 30 Vasko Athletics paid in full for the invoice of November 25 Prepare journal entries to record the transactions, assuming Bears Retail Store uses a perpetual inventory system. (If no entry is required for a transaction/event select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole doliar amount.) Answer is not comp lete. No Date General Journal Debit Credit Nov. 20 Cash 490 Sales Revenue 490 Nov. 20 Cost of Goods Sold Nov.25 | 4,0000 Accounts Receivable Sales Revenue 4,600 Nov. 25 Cost of Goods Sold 2.800 e 2,800 Nov. 28 Accounts Receivable 6,800 Sales Revenue 6,000 Nov. 28 Cost of Goods Sold 4.3000 4,300 Nov. 29 6,402 198 Cash Sales Discounts Accounts Receivable 6,800 Nov. 29 Cash 4,600 3 Accounts Receivable 4,000 C Dec. 6 No Journal Entry Required 10 Dec. 30 No Journal Entry RequiredStep by Step Solution
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