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Antiques by Addie uses a perpetual inventory system. Journalize the following sales transactions for Antiques by Addie. Explanations are not required. The company journal
Antiques by Addie uses a perpetual inventory system. Journalize the following sales transactions for Antiques by Addie. Explanations are not required. The company 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.) Accounts Receivable 200 Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise-cost of goods returned, $100. Date Jan. 8 Accounts Merchandise Inventory Estimated Returns Inventory Debit 100 80 Credit 100 Jan. 13: Antiques by Addie received payment from the customer on the amount due from Jan 4, less the return Date Accounts Jan. 13 Cash Accounts Receivable Debit 10,800 Credit 10,800 Jan. 20: Sold $4,400 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,200. 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. Date Accounts Debit Credit Jan. 20 Accounts Receivable Sales Revenue Choose from any list or enter any number in the input fields and then click Check Answer 3 parts Clear All
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