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7 part question Saved QS 4-8 Recording sales, returns, and discounts taken LO P2 Prepare journal entries to record each of the following sales transactions
7 part question
Saved QS 4-8 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 Apr. 1 sold merchandise for $4,4ee, with credit terns n/3e; invoice dated April 1. The cost of the merchandise is $2,64e. Apr. 4 The customer in the April 1 sale returned $52e of merchandise for full credit. The merchandise, which had cost $312, 1s returned to inventory Apr. 8 Sold merchandise for $1,700, with credit terms of 1/1e, n/3e; invoice dated April 8. Cost of the merchandise is $1,199. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet 2 Sold merchandise for $4,400, with credit terms n/30. Note: Enter debits before credins. Apr 01 Clear entry Apr. 8 sold merchandise for $1,7ee, with credit terms of 1/1e, n/3e; invo Apr. 11 Received payment for the amount due from the April 1 sale less the View transaction list Import a new list Sold merchandise for $4,400, with credit terms n/30. 1 The cost of the merchandise is $2,640. 2 3 The customer in the April 1 sale returned $520 of merchandise for full credit. 4 The merchandise, which had cost $312, is returned to inventory. Credit 5 Sold merchandise for $1,700, with credit terms of 1/10, n/30. 6 Cost of the merchandise is $1,190. Note: - journal entry has been entered Record entry Clear entry View general pr. 1 sold merchandise TO ,0 Apr. 4 The customer in the April 1 sale returned $52e of merchandise returned to inventory. Apr. 8 sold merchandise for $1,7ee, with credit term 1/10, n/3e; Apr. 11 Received payment for the amount due from the April 1 sale less View transaction list Import a new list The cost of the merchandise is $2,640. 2 The customer in the April 1 sale returned $520 of merchandise for full credit. 3 The merchandise, which had cost $312, is returned to inventory. 4 Sold merchandise for $1,700, with credit terms of 1/10, n/30. 5 Cost of the merchandise is $1,190. 6 Received payment for the amount due from the April 1 sale less the return on April 4. 7 Note: -journal entry has been entered Record entry Clear entry View Step by Step Solution
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