eBook Customer return and refund On December 28, 2043, Silverman Enterprises sold $19,000 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $10,600. On December 31, 20Y3, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4, Silverman Enterprises issued Beasley Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $4,400 and the merchandise originally cost Silverman Enterprises $2,450. a. 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. 18,620 Sales 18,620 2013 Dec. 28 Cost of Goods Sold 10,600 Inventory 10,600 Feedback Check My Work Record the credit sale as well as the cost of the merchandise 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 Customer Refunds Payable 4,312 Accounts Receivable-Beasley Co. 4,312 2014 Jan. 3 Inventory 2,450 Estimated Returns Inventory 2,450 Feedback Check My Work 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. Check My Work 2 more Check My Work uses remaining. Previous Next eBook a. Journalize the entries by Silverman Enterprises to record the December 28, 20Y3 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. 18,620 Sales 18,620 2013 Dec. 28 Cost of Goods Sold 10,600 Inventory 10,600 Feedback Check My Work Record the credit sale as well as the cost of the merchandise sold. b. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 20Y4. If an amount box does not require an entry, leave it blank. 2014 Jan. 3 Customer Refunds Payable 4,312 Accounts Receivable-Beasley Co. 4,312 2014 Jan. 3 Inventory 2,450 Estimated Returns Inventory 2,450 Feedback Check My Work 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. Journalize the entry to record the receipt of the amount due by Beasley Co. on January 7, 20Y4. If an amount box does not require an entry, leave it blank. 2014 Jan. 7 Cash 88 Accounts Receivable-Beasley Co