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E5C-4 (similar to) Journalize the following sales transactions for Antique World. Assume Antique World uses the gross method to record sales revenue. Explanations are not
E5C-4 (similar to) Journalize the following sales transactions for Antique World. Assume Antique World uses the gross method to record sales revenue. Explanations are not required. (Assume the company uses a perpetual inver (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from journal entries.) Jan. 4: Sold $21,000 of antiques on account, credit terms are 1/15, n/30. Cost of goods is $14,700. Begin by preparing the entry to journalize the sale portion of the transaction. (Do not record the expense related to the sale with this entry. We will do that in the following step.) Date Accounts Debit Credit * More Info Jan. 4 - X Jan. 4 Sold $21,000 of antiques on account, credit terms are 1/15, n/30. Cost of goods is $14,700. 20 Antique World received payment from the customer on the amount due from Jan. 20 Sold $4,700 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $3,290. 20 Antique World paid $90 on freight out. 29 Received payment from the customer on the amount due from Jan. 20, less the discount Print Done
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