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Accounting for Sales Transactions Kate Company uses the perpetual inventory system. Record the journal entries for the following transactions: a. On July 16, Kate sold
Accounting for Sales Transactions Kate Company uses the perpetual inventory system. Record the journal entries for the following transactions:
a. On July 16, Kate sold $600 of merchandise with terms of 2/10, n/30. The cost of the merchandise was $360.
b. On July 19, the customer returned $100 of the merchandise from (a). The cost of the merchandise was $60.
c. On July 22, the customer paid the entire balance due to Kate.
General Journal | |||
---|---|---|---|
Ref. | Description | Debit | Credit |
a. | AnswerAccounts receivableCashCost of goods soldInventorySales discountsSales returnsSales revenue | Answer | Answer |
AnswerAccounts receivableCashCost of goods soldInventorySales discountsSales returnsSales revenue | Answer | Answer | |
To record sale of merchandise. | |||
AnswerAccounts receivableCashCost of goods soldInventorySales discountsSales returnsSales revenue | Answer | Answer | |
AnswerAccounts receivableCashCost of goods soldInventorySales discountsSales returnsSales revenue | Answer | Answer | |
To record cost of merchandise sold. | |||
b. | AnswerAccounts receivableCashCost of goods soldInventorySales discountsSales returnsSales revenue | Answer | Answer |
AnswerAccounts receivableCashCost of goods soldInventorySales discountsSales returnsSales revenue | Answer | Answer | |
To record return of merchandise sold. | |||
AnswerAccounts receivableCashCost of goods soldInventorySales discountsSales returnsSales revenue | Answer | Answer | |
AnswerAccounts receivableCashCost of goods soldInventorySales discountsSales returnsSales revenue | Answer | Answer | |
To record cost of merchandise sold. | |||
c. | Cash | Answer | Answer |
AnswerAccounts receivableCashCost of goods soldInventorySales discountsSales returnsSales revenue | Answer | Answer | |
AnswerAccounts receivableCashCost of goods soldInventorySales discountsSales returnsSales revenue | Answer | Answer |
Please help with part C!!!!
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