Jan 4 Sold $13,000 of antiques on account, credit terms are n/'30 Cost of goods is $6,500 Begin by preparing the entry to jounalize the sale portion of the transaction. Do not record the e of antiques on account, credit terms are n/30. Cost of goods is $6,500 lize 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 13,000 Sales Revenue 13,000 Now journalize the expense related to the January 4 sale Cost of goods, $6.500 Date Accounts Debit Credit Jan. 4 Cost of Goods Sold 6,500 Merchandise Inventory 6,500 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 retun and decrease the receivable. Do not update the Merchandise Inventory with this entry We will do that in the following step Date Accounts Debit Credit Jan 8 Refunds Payable 400 Accounts Receivable 400 Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise cost of goods retuned, $200. Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer parts Clear All