HW Ch. 4 Part 1 of 6 On July 14, 2018, Discount Fumture, Inc, sold $4,500 of inventory (cost is $1,175) on account to one of its customers. The tems were 1/10, 30, FOB destination. On July 16, Discount Furniture, inc paid freight charges of $145 to the delivery of the goods sold on July 14. On July 20, $300 of goods (cost is $200) were retumed by the customer On July 23, Discount Furniture, Inc, received payment in full from the customer Had the Slant by journaling the revenue from the July 14 sale of inventory (Record debits first, then credits. Exclude explanations from any journal entries. Do not yet record the cost rated to the sale We will do t Date 14 Requirement Journal Entry Accounts Debit Credit 1. Joumalize all necessary transactions for Discount Furniture, Inc. assuming the "ne method is used. No explanations are required Print Done - X in the next pumal aty O Point of Jamalize the folowing transactions for Antique Fumiture, Inc. that occurred during the month of November assuming the "ner Exclude explanations from any joumal res d is used Artique Fumture's cost of invertory is 50 percent of the price and f icon to view the transactions Nov 3 Sold $1,700 of marchandise on account, terms 1/15, n/45, FOB shipping point. Antique Fumiture, inc, prepaid $115 of shipping costs and added the amount to the customer's invoice Begin by recording the sale portion of the entry. (Do not yet record the cost related to the sale. We will do this in the neat journal entry Prapare a compound entry accounting for the sales revenue as wet as the cash pad for shipping) Journal Entry Accounts Date Debit Credit Nov More info Nov 3 Sold $1,700 of merchandise on account, terms 1/15, 45, FOB shipping point. Antique Fumiture, Inc., prepaid $115 of shipping costs and added the amount to the customer's invoice 7 Issued a credit memo to the customer acknowledging the return of $200 (sales price) of unwanted goods 16 Received payment in full from the customer for the November 3 invoice Save On July 14, 2018, Discount Fumiture, Inc., sold $4,500 of inventory (cost is $1,175) on account to one of its customers. The terms were 1/10, n/30, FOB destination. On July 16, Discount Furniture, Inc., paid freight charges of $145 related to the delivery of the goods sold on July 14. On July 20, $300 of goods (cost is $200) were retumed by the customer. On July 23, Discount Furniture, Inc., received payment in full from the customer. Read the requirement Start by journalizing the revenue from the July 14 sale of inventory. (Record debits first, then credits. Exclude explanations from any journal entries. Do not yet record the cost related to the sale We will do this in the next journal entry.) Date 14 Journal Entry Accounts Debit Credit Requirement 1. Journalize all necessary transactions for Discount Furniture, Inc., assuming the "net" method is used. No explanations are required