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Instructions Longmire & Sons made sales on credit to Alderman Sports totaling $900,000 on April 18. The cost of the goods sold is $800,000. Longmire
Instructions Longmire & Sons made sales on credit to Alderman Sports totaling $900,000 on April 18. The cost of the goods sold is $800,000. Longmire estimates 2% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Longmire uses a periodic inventory system. Required: Prepare the related journal entries for Longmire & Sons. GENERAL JOURNAL Score: 17/63 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 500,000.00 Apr. 18 Accounts Receivable May 22 Sales Revenue 2 109,000.00 3 4 5
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