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Antique Mall uses a perpetual inventory system. Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns
Antique Mall uses a perpetual inventory system. Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount Round all numbers to the nearest whole dollar.) (Click the icon to view the transactions.) More info Jan. 4 Jan 4 Sold $16,000 of antiques on account, credit terms are n/30, to Cavalli Designs. Cost of goods is $8,000. Sold $16,000 of antiques on account, credit terms are n/30, to Cavalli Designs Cost of goods is $8,000. Date Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step Accounts Jan. 8 Received a $300 sales return on damaged goods from Cavalli Designs. Cost of goods damaged is $150. Debit Credit Jan 4 Jan. 13 Antique Mall received payment from Cavalli Designs on the amount due from Jan. 4, less the return. Jan. 20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination, to White Furniture. Cost of goods is $2,450. Jan. 20 Antique Mall paid $70 on freight out to White Furniture.. Jan. 29 Received payment from White Furniture on the amount due from Jan. 20, less the discount. Staxt pages Calculator Print Done Clear all Check answer 1:00 PM -
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