Fine Furniture Wholesale uses a perpetual inventory system. Journalize the following sales transactions for Fine Furniture Wholesale. Explanations are not required. $($Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the gross amount. Round all numbers to the nearest whole dollar.$)$

View the transactions.

Jan. $4$: Sold $$15,500$ of furniture on account, credit terms are $\frac{3}{15},\frac{n}{30},$ to Amesbury Furniture Store. Cost of goods is $$7,750.$

Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step.

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$Jan$.4,\backslash$table$[[$Accounts Receivable$-$Amesbury Furniture Store$],[$Sales Revenue$]],15,500,],[,,,15,500],[,,,]]$

Now journalize the expense related to the January $4$ sale. Cost of goods is $$7,750.$

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$Jan$.4,\backslash$table$[[$Cost of Goods Sold$],[$Merchandise Inventory$]],7,750,],[,,,7,750],[,,,]]$

Transactions

Jan. $4$ Sold $$15,500$ of furniture on account, credit terms are $\frac{3}{15},\frac{n}{30},$ to Amesbury Furniture Store. Cost of goods is $$7,750.$

Jan. $8$ Received a $$200$ sales return on damaged goods from Amesbury Furniture Store. Cost of goods damaged is $$100.$

Jan. $13$ Fine Furniture Wholesale received payment from Amesbury Furniture Store on the amount due from Jan. $4,$ less the return and discount.

Jan. $20$ Sold $$5,100$ of furniture on account, credit terms are $3/10,\frac{n}{45},$ FOB destination, to San Mateo Furniture. Cost of goods is $$2,550.$

Jan. $20$ Fine Furniture Wholesale paid $$110$ on freight out.

Jan. $25$ Fine Furniture Wholesale negotiated a $$600$ allowance on the goods sold on Jan. $20$ to San Mateo Furniture.

Jan. $29$ Received payment from San Mateo Furniture on the amount due from Jan. $20,$ less the allowance and discount.

Jan. $8$: Received a $$200$ sales return on damaged goods from Amesbury Furniture Store. Cost of goods damaged is $$100.$

Start by preparing the entry to record the sales return. Do not update the Merchandise Inventory with this entry. We will do that in the following step.

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$Jan$.8,$Sales Returns and Allowances,$200,],[,$Accounts Receivable$$Amesbury Furniture Store,,$],[,,,]]$

Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise $-$ cost of goods returned, $$100.$

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$Jan$.8,$Merchandise Inventory,$100,],[,$Cost of Goods Sold,,$100]]$

Jan. $13$: Fine Furniture Wholesale received payment from Amesbury Furniture Store on the amount due from Jan. $4,$ less the return and discount.

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$Jan$.13,$Cash,,$],[,$Sales Discounts,,$],[,$Accounts Receivable$$Amesbury Furniture Store,,$15,300]]$