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i need help with the journal entry post for transaction (e) [The following information applies to the questions displayed below.) Hair World Inc. is a
i need help with the journal entry post for transaction (e)
[The following information applies to the questions displayed below.) Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $35,200 a. Sold merchandise for cash (cost of merchandise $20,797) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $240). c. Sold merchandise (costing $3,800 ) to a customer on account with teres 1/60 d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 400 3,000 4,000 128 2 3 4 5 6 7 8 Record the allowance of $128 granted to the customer. Note: Enter debits before credits. Transaction General Journal Credit Debit 128 e 128 Step by Step Solution
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