Customer return and refund On December 28, 2013, Silverman Enterprises sold $20,000 of merchandise to Beasley Co. with terms 2/10,n/30. The cost of the goods sold was $11,100. On December 31, 2013, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 2014, Silverman Enterprises Issued Beasley Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $3,900 and the merchandise originally cost Silverman Enterprises $2,400. 1. Journalize the entries by Silverman Enterprises to record the December 28, 2093 sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. 2013 Dec. 28 Accounts Receivable-Beasley Co. Sales 19,800 X 20.000 X 0 o 0 2013 Dec. 28 Cost of Goods Sold 11.100 Inventory 0 11.100 Check My Work Record the credit sale as well as the cost of the muchandise sold. b. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 2014, If an amount box does not require an entry, leave it blank. 2014 Jan. 3 2014 Jan. 3 Feedback Check My Wor To record a customer refund, a liability account to estimate refunds that will be paid to customers is used. Depending on whether the customer has paid for the merchandise, a cash refund or credit memo will be issued. c. Joumalize the entry to record the receipt of the amount due by Beasley Co. on January 7, 2014. If an amount box does not require an entry, leave it blank 2014 Jan. 7 To record a customer refund, a liability account to estimate refunds that will be paid to customers is used. Depending on whether the customer has paid for the merchandise, a cash refund or credit mero will be issued. Journalize the entry to record the receipt of the amount due by Beasley Co. on January 7, 2014. If an amount box does not require an entry, leave it lank. 2014 Jan. 7 88 Feedback Check My Word To record returned inventory, a current asset account for the estimated amount of merchandise that will be returned by customers is used