Antique World uses a perpetual inventory system Journalize the following sales transactions for Antique World Explanations are not required The company estimates salles returns at the end of each m 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) Jon 4 Sold $10,000 of antiques on account, credit terms are 30 Cost of goods is $5.000 Begin by preparing the entry to joumalize the sale portion of the transaction Do not record the expense roluted to the sole Wy do that in the following stop Date Credit Accounts Debit Jana Now Journalize the expense related to the January 4 Coot of goods $5.000 Date Accounts Debt Credit Jan 8 Received a $300 sales return on damaged goods from the customer Cost of goods damaged is 5150 murnalize the following sales transactions for Antique World. Explanations are not required. The company estimates sales returns at the end of each mo es. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar) erms are n/30. Cost of goods is $5,000 ortion of the - X More Info sale-Co Sold $10,000 of antiques on account credit terms are n/30. Cost of Jan. 4 goods is $5,000 Received a $300 sales return on damaged goods from the customer Jan. 8 Cost of goods damaged is $150 Antique World received payment from the customer on the amount due Jan. 13 from Jan 4, less the return Sold $4,300 of antiques on account, credit terms are 2/10, 1/45, FOB Jan. 20 destination. Cost of goods is $2,150 Jan. 20 Antique World paid $140 on freight out Received payment from the customer on the amount due from Jan 20, Jan. 29 less the discount ods from Print Done Time Remaining: 0 81F Sunny i Antique World uses a perpetual inventory system. Journalize the following sales transactions for Antique World Explanations are not required. The company estimates sales tum at the end of each month (Record daba then credits Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all timbers to the nearest wholedo (Click the icon to view the transactions) Jan & Received a $300 sales return on damaged goods from the customer cost of goods damaged is 5150 Start by preparing the entry to record the sales return and decrease the recevable. Do not update the Merchandise byventory with the endy. We will do that on the wing op Date Accounts Debit Credit Jan 8 Now prepare the entry to update the Merchandise inventory account for the cost of the returned merchandise-cost of goods returned, 5150 Date Accounts Debit Credit Jan Jan 13 Antique World received payment from the customer on the amount due from Jan less thereum Jan 13 Antique World received payment from the customer on the amount due from Jan 4, less the retum. Date Accounts Debit Credit Jan 13 Jan. 20: Sold $4,300 of antiques on account, credit torms are 2/10,n/45, FOB destination Cost of goods is $2,150, 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 shop Debit Date Accounts Credit Jan 20 Now journalize the expense related to the Jan 20 sale--Cost of goods, S2,150 Now joumalize the expense related to the Jan 20 sale -Cost of goods, $2,150 Date Accounts Debit Credit Jan 20 Jan 20: Antique World paid $140 on freight out Date Accounts Debit Credit Jan 20 Jan 29. Received payment from the customer on the amount due from Jan 20. less the discount. Date Accounts Debit Credit Jan 29
