Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i don't understand how to record the transactions. I could use some help. Dumnalize the following sales transactions for Salem Sportswear Explanations are not required.
i don't understand how to record the transactions. I could use some help.
Dumnalize the following sales transactions for Salem Sportswear Explanations are not required. Jul 1 Salem sold $20,000 of men's sportswear for cash. Cost of goods sold is $10,000 3 Salem sold $62,000 of women's sportswear on account credit terms are 3/10, 1/30. Cost of goods sold is $31,000, 5 Salem received a $4,500 sales return on damaged goods from the customer on July 1 Cost of goods damaged is $2,250. Money was refunded 10 Salem received payment from the customer on the amount due, less discount July 1: Salem sold $20,000 of men's sportswear for cash. Cost of goods sold is $10,000 Journalize Salem's sale. First, we will create the entry for the cash sale. (Record debits first, then credits. Exclude explanations from Journal entries. Round all answers to the nearest whole number.) Journal Entry Date Accounts Debit Credit Jul 1 Tbe Next, we will create the entry for the cost of goods sold. Journal Entry arvologi Date Accounts bera Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question Jul. ournalize the following sales transactions for Salem Sportswear. Explanations are not required. 1 Salem sold $20,000 of men's sportswear for cash. Cost of goods sold is $10,000. 3 Salem sold $62,000 of women's sportswear on account, credit terms are 3/10, n/30. Cost of 5 Salem received a $4,500 sales return on damaged goods from the customer on July 1. Cost of 10 Salem received payment from the customer on the amount due, less discount. goc Next, we will create the entry for the cost of goods sold. Journal Entry Date Accounts Debit Credit Jul. 1 July 3: Salem sold $62,000 of women's sportswear on account, credit terms are 3/10,n/30. Cost of goods sold is Journalize Salem's sale on account. First, we will create the sale be ag Blogs Date Jul 3 Journal Entry Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Page 4 of English (Canada) 17 dtv A MacBook Air FZ 80 F3 F4 FS F6 F7 DIL FB $ $ % A 2 8 Journalize the following sales transactions for Salem Sportswear. Explanations are not require Jul. 1 Salem sold $20,000 of men's sportswear for cash. Cost of goods sold is $10,000. 3 Salem sold $62,000 of women's sportswear on account, credit terms are 3/10, n/30. 5 Salem received a $4,500 sales return on damaged goods from the customer on July 1 10 Salem received payment from the customer on the amount due, less discount. July 3: Salem sold $62,000 of women's sportswear on account, credit terms are 3/10, n/30. Cost Journalize Salem's sale on account. First, we will create the sale. Journal Entry Date Accounts Debit Credit Jul 3 er Nexd, create the entry for cost of goods sold. - be Journal Entry Date Accounts log Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Page 4 of English (Canada) 17 V MacBook Air F2 80 Journalize the following sales transactions for Salem Sportswear. Explanations are not required. Jul. 1 Salem sold $20,000 of men's sportswear for cash. Cost of goods sold is $10,000. 3 Salem sold $62,000 of women's sportswear on account credit terms are 3/10, n/30. Cost of goods sold is $31.000 5 Salem received a $4,500 sales return on damaged goods from the customer on July 1. Cost of goods damaged is $2,250. Money was refunded. 10 Salem received payment from the customer on the amount due, less discount July 6: Salem received a $4,500 sales return on damaged goods from the customer on July 1. Cost of goods damaged is $2,250. Money was refunded. Journalize Salem's return. First, record the refund. (Round your answers to the nearest whole dollar.) Journal Entry Date Accounts Debit Jul, 5 mer Credit ar be per agt Next, create the entry for cost of goods returned. nology Journal Entry Choose from any list or enter any number in the input fields and then continue to the next question Page 465 English Canada 17 ty w MacBook Air wuest Jul Journalize the following sales transactions for Salem Sportswear. Explanations are not required, 1 Salem sold $20,000 of men's sportswear for cash. Cost of goods sold is $10,000 3 Salem sold $62,000 of women's sportswear on account, credit terms are 3/10,n/30. Cost of goods sold is $31,000. 5 Salem received a $4,500 sales return on damaged goods from the customer on July 1. Cost of goods damaged $2,250. Money was refunded 10 Salem received payment from the customer on the amount due, less discount Next, create the entry for cost of goods returned. Journal Entry Date Accounts Debit Credit Jul. 5 July 10: Salem received payment from the customer on the amount due, less discount. Journalize Salem's cash receipt from the customer. Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Page 4 of 5 983 words English (Canada) Focus 17 otv A O w Min July 1. COST OF 90ous damaged 10 Salem received payment from the customer on the amount due, less discount. Date Accounts Debit Credit Jul. 5 July 10: Salem received payment from the customer on the amount due, less discount. Journalize Salem's cash receipt from the customer. Journal Entry Date Accounts Debit Credit Jul. 10 Choose from any list or enter any number in the input fields and then continue to the next question. Page 4 of 5 983 words English (Canada) 17 tv A Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started