Jan. 4: Sold $11,000 of antiques on account, credit terms are n/30. Cost of goods is $5,500.

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.

..... Date Accounts Debit Credit Jan. 4 Accounts Receivable 11,000 Sales Revenue 11,000 Now journalize the expense related to the January 4 sale-Cost of goods, $5,500. Date Accounts Credit Debit 5,500 Jan. 4 Cost of Goods Sold Merchandise Inventory 5,500 More info 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 Credit Accounts Refunds Payable Accounts Receivable Debit 400 Jan. 8 400 Sold $11,000 of antiques on account, credit terms are n/30. Cost of Jan. 4 goods is $5,500. Received a $400 sales return on damaged goods from the customer. Jan. 8 Cost of goods damaged is $200. Vintage World received payment from the customer on the amount due Jan. 13 from Jan. 4, less the return. Sold $4,300 of antiques on account, credit terms are 1/10, n/45, FOB Jan. 20 destination. Cost of goods is $2,150. Jan. 20 Vintage World paid $100 on freight out. Received payment from the customer on the amount due from Jan. 20, Jan. 29 less the discount. . Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise-cost of goods returned, $200. Date Accounts Debit Credit Jan. 8 200 Merchandise Inventory Estimated Returns Inventory 200 Print Done Jan. 13: Vintage World received payment from the customer on the amount due from Jan. 4, less the return. Date Accounts Credit Debit 10,600 Jan. 13 Cash Accounts Receivable 10,600 Jan. 20: Sold $4,300 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,150. 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. Date Accounts Debit Credit Jan. 20 Accounts Receivable 4,257 Sales Revenue 4,257 Credit Now journalize the expense related to the Jan. 20 saleCost of goods, $2,150. Date Accounts Debit Jan. 20 Cost of Goods Sold 2,150 Merchandise Inventory 2,150 Debit Credit Jan. 20: Vintage World paid $100 on freight out. Date Accounts Delivery Expense Cash Jan. 20 100 100 Jan. 29: Received payment from the customer on the amount due from Jan. 20, less the discount. Date Accounts Debit Credit Jan. 29 Cash 4,257 Accounts Receivable 4,257