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Check my WG During its first year of operations, Drone Zone Corporation (DZC) bought goods from a manufacturer on account at a cost of $52,000.
Check my WG During its first year of operations, Drone Zone Corporation (DZC) bought goods from a manufacturer on account at a cost of $52,000. DZC returned $8,200 of this merchandise to the manufacturer for credit on its account. DZC then sold $40,000 of the remaining goods at a selling price of $66,600. DZC records sales returns as they occur and then records estimated additional returns at year- end. During the year, customers returned goods that had been sold at a price of $7,000. These goods were in perfect condition, so they were put back into DZC's Inventory at their cost of $4,200. At year-end, DZC estimated $9,210 of current year merchandise sales would be returned to DZC in the following year, DZC estimates $5,500 as its cost of this merchandise. Prepare journal entries to record DZC's transactions and estimates, assuming DZC uses a perpetual Inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) int ances View transaction list Journal entry worksheet 2 3 5 6 B
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