7 differnt entries
The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. Oct. 1 sold merchandise for $3,300, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,800. 6 The customer in the October 1 sale returned $330 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory. 9 Sold merchandise for $1,600 cash. Cost of the merchandise is $1,170. 30 Received payment for the amount due from the October 1 sale less the return on October 6. se the above sales transactions of EcoMart Merchandising to prepare journal entries. View transaction list Journal entry worksheet 3 4 5 6 7 Sold merchandise for $3,300, with credit terms 1/30, Invoice dated October 1. Note: Enter debits before credits, General Journal Debit Credit Date Oct 01 3,300 3,300 Recordante Clentantes Vinw general lournal Required information The following information applies to the questions displayed below) The following are the sales transactions of EcoMart Merchandising EcoMart uses a perpetua inventory system and the gross method Oct. 1 Bold merchandise for 53,300with credit ters/30, Invoice dated detober 1. The cost of the merchandise 01.00 6 The customer in the October 1 sole returned $330 of merchandise for full credit. The merchandise which had cost $100, la returned to inventory. Sold merchandise for $1,600 cal. Coat of the merchandise is $1,170. 30 Received payment for the amount due tron the October 1 se less the return on October 6. Use the above transactions, to analyze each transaction by indicating its effects on the components of the income statement specifically, identify the accounts and amounts including #orfor each transaction Income Statement Components Oto Increase/Decrete Oet Increase Decrease Oct 30 Increasedbora Amount Amount Amount Amount les gross we discounts Gales returns and wiowances Nitsales Cost of code sold Cross pret Oct Increase/Decreate ) increase Core (increase C) increase 4) increase 1) rece C) 1) increase -) decs (-) decent Case