Accounts receiveable and sales return are not options... any idea what it could be instead?
During its first year of operations, Tron Auto Dealership (TAD) bought vehicles from a manufacturer on account at a cost of $608.000, TAD returned $152,000 of these vehicles to the manufacturer for credit on its account. TAD then sold $380,000 of the remaining vehicles at a selling price of $685,000. TAD's customers rarely return vehicles, so TAD records sales returns only as they occur. One customer did return a vehicle to TAD, which had been sold to the customer for $137,000. The vehicle was in perfect condition, so it was put back into TAD's inventory at TAD's cost of $76,000. Prepare journal entries to record these transactions, assuming TAD uses a perpetual Inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) No Transaction Credit Answer is complete but not entirely correct. General Journal Inventory Accounts Payable Debit 608,000 0 0 608,000 0 152,000 Accounts Payable Inventory 0 0 152,000 0 685,000 Deferred Revenue Sales Revenue 0 685,000 0 380,000 Cost of Goods Sold Inventory 0 0 380,000 0 137,000 Accumulated Amortization Inventory - Estimated 137.000 78,000 Inventory Cost of Goods 0 0 0 76,000 Journal entry worksheet Record the No Journal Entry Required Accounts Payable Accumulated Amortization Accumulated Depreciation-Buildings Note: Enter debi Credit Transaction 3 lebit 685,000 Deferred Revenue Sales Revenue 685,000 Record entry Clear entry View general journal Journal entry worksheet PORT Record the Accumulated Depreciation-Equipment Accumulated Depreciation-Vehicles Accumulated Other Comprehensive Income Additional Paid-In Capital, Common Stock Additional Paid-In Capital, Preferred Stock Note: Enter debi lebit Credit Transaction 3 685,000 Deferred Revenue Sales Revenue 685,000 Record entry Clear entry View general journal Journal entry worksheet Record the Additional Paid-In Capital, Treasury Stock Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Note: Enter debi Transaction Credit ebit 685.000 Deferred Revenue Sales Revenue 685,000 Record entry Clear entry View general journal Journal entry worksheet DOU DCUL LAPTISC Record the Bonds Payable Buildings Cash Cash Equivalents Note: Enter debi Transaction Cash Overage Credit lebit 685,000 Deferred Revenue Sales Revenue 685,000 Record entry Clear entry View general journal Journal entry worksheet Cash Overage ces Record the Cash Shortage Charitable Contributions Payable Common Stock Note: Enter debi Copyrights Transaction Cost of Goods Sold Deferred Revenue Sales Revenue Credit lebit 685,000 685,000 Record entry Clear entry View general journal Journal entry worksheet Book Print erences Deferred Revenue Record the Delivery Expense Depreciation Expense Discount on Bonds Payable Note: Enter debi Dividends Transaction Dividends Pavable Deferred Revenue Sales Revenue Credit lebit 685,000 685,000 Record entry Clear entry View general journal Journal entry worksheet Record the Donation Revenue Equipment FICA Payable Franchise Rights Gain on Bond Retirement ces Note: Enter debi Transaction Credit Deferred Revenue lebit 685,000 | Sales Revenue 685,000 Record entry Clear entry View general journal Journal entry worksheet Record the Gain on Bond Retirement Gain on Disposal of PPE Goodwill Impairment LOSS Income Tax Expense Note: Enter debi Transaction Credit WWWWWWWWWWWWW Income Tax Pavable Deferred Revenue Sales Revenue ebit 685,000 685,000 Record entry Clear entry View general journal Journal entry worksheet Income Tax Payable Record the Insurance Expense Interest Expense Interest Payable Note: Enter debi Interest Receivable Transaction Interest Revenue 3 Deferred Revenue Sales Revenue Credit lebit 685,000 685,000 Record entry Clear entry View general journal Journal entry worksheet
