Answered step by step
Verified Expert Solution
Question
1 Approved Answer
intage World uses a perpetual inventory system. Jounalize the following sales transactions for Vintage World. Explanations are not required. The company estimates sales returns at
intage World uses a perpetual inventory system. Jounalize the following sales transactions for Vintage World. Explanations are not required. The company estimates sales returns at the end of each month. (Record debits first, then credits. xcludeexplanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.) 0- Jan. 4: Sold $15,000 of antiques on account, credit tems are n/30. Cost of goods is S7,500. Begin by preparing the entry to journalize the sale portion of the transaction, Do not record the expense related to the sale. We will do that in the following step. Click the icon to view the transactions.) Date Accounts Debit Credit Jan. 4 S7,500 Now journalize the expense related to the January 4 saleCost of goods, 57,500. Date Accounts Debit Credit Jan, 4 Jan. 8: Received a $400 sales return on damaged goods from the customer. Cost of goods damaged is $200 Start by preparing the entry to record the sales return and decrease the receivable. Do not update the Merchandise Inventory with this entry. We will do that in the following step Date Accounts DebitCredit Jan, 8
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