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Heller Klothing Designs started the current year with the following account balances related to its customer accounts. (Click the icon to view the t-accounts.) Heller
Heller Klothing Designs started the current year with the following account balances related to its customer accounts. (Click the icon to view the t-accounts.) Heller reported credit sales of $1, 260,000 for the current year and recorded sales returns and allowances of $42,000 (salesvalue). Assume the sales were on account. The companycollected $61,000 on account and determined that a $39,000account due from John Company was uncollectible. Read the requirements. Requirement. Prepare the journal entries to credit sales and sales returns for the current year. Ignore the effects on cost of goods sold and inventory. (Record debits first, then credits. Exclude explanations from any journal entries.) First, record the journal entry to credit sales for the current year. Do not record the sales returns. We will record the sales returns in the next step
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