Customer return and refund

On December 28, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,200. On December 31, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, Silverman issued Beasley a credit memo for returned merchandise. The returned merchandise originally cost Silverman $2,350 and was billed (invoiced) for $4,000 with terms 2/10, n/30.

a. Journalize the entries by Silverman Enterprises to record the December 28 sale. Beasley paid the balance due on January 7.

Dec. 28	Accounts Receivable-Beasley Co.
	Sales
Dec. 28	Cost of Goods Sold
	Inventory

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b. Journalize the entries by Silverman Enterprises to record the merchandise returned January 3.

Jan. 3	Customer Refunds Payable
	Accounts Receivable-Beasley Co.
Jan. 3	Inventory
	Estimated Returns Inventory

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c. Journalize the entry to record the receipt of the amount due by Beasley Co. on January 7.

Jan. 7	Cash
	Accounts Receivable-Beasley Co.

hed Recording transi im/takeAssignment/takeAssignmentMain.do?invoker assignments&itakeAssignmentSessionlocator-assignment-take&inprogress false Print Item Customer return and refund On December 28, Silverman Enterprises sold $18,500 of merchandise to nancial statements, and closing "tres. On January 3. SIwman issued Beasleycredit memo for returned merchandse. The returned merchandise eng aly cost saver nan BeasleyCoth terms 2/10. nad. Thecost of the good, seld vas SIL200. December 31, shrman pared aso a d adjusting rtie, yer y as biled me eed fo ,000 with terms 2/10, n/30. a. Jounalize the entries by Sliverman Enterprises to record the December 20 sale. Beasley paid the balance due on Janary 7 Dec. 28 Coot of Goods Sold Inventory . b. Journalze the entries by Silverman Enterprises to recond the merchandise returned January 3 an 3 Customer Refurds Payable Jan. 3 Inventory c. Jounalize the entry to record tha acipt of the amount dus by Daaslay Co. on January 7 work saved T:10 AM oe@@