Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journalize each of the following transactions assuming a perpetual inventory system. Feb. 1 Sold merchandise with a cost of $2,450 for $4,000; terms 2/10, n/30,

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Journalize each of the following transactions assuming a perpetual inventory system. Feb. 1 Sold merchandise with a cost of $2,450 for $4,000; terms 2/10, n/30, FOB destination. 2 Paid $320 to ship the merchandise sold on February 1. 3 The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. 4 Sold merchandise to a customer for $2,900 (cost of sales $1,380); terms 2/10, n/30, FOB destination. 11 Collected the amount owing from the customer of February 1. 23 Sold merchandise to a customer for cash of $1,110 (cost of sales $630). 28 The customer of February 4 paid the amount owing. View transaction list Journal entry worksheet Record sale of merchandise for $4,000; terms 2/10, n/30, FOB destination. Note: Enter debits before credits. Date General Journal Debit Credit Feb 01 Record entry Clear entry View general journal Journal entry worksheet 1 3 3 4 5 6 7 8 11 ..... N > Record cost of sale $2,450 of merchandise sold on February 1. Note: Enter debits before credits. General Journal Debit Date Feb. 01 Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 11 N Record delivery expenses for goods sold $320. Note: Enter debits before credits. General Journal Debit Credit Date Feb. 02 Record entry Clear entry View general journal Journal entry worksheet IEEEE Record sale of merchandise for $2,900; terms 2/10, n/30, FOB destination. Note: Enter debits before credits. General Journal Debit Credit Date Feb. 04 Record entry Clear entry View general journal Journal entry worksheet N IIIII Record cost of sales $1,380 of merchandise sold on February 4. Note: Enter debits before credits. General Journal Debit Credit Date Feb. 04 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 11 Record the collection of amount owed by the customer for sale made on February 1. Note: Enter debits before credits. Date General Journal Debit Credit Feb. 11 Record entry Clear entry View general journal Journal entry worksheet Record cost of sales of $630 for merchandise sold on February 23. Note: Enter debits before credits. General Journal Debit Credit Date Feb. 23 Record entry Clear entry View general journal Journal entry worksheet Record the collection of amount owed by the customer for sale made on February 4. Note: Enter debits before credits. General Journal Debit Credit Date Feb. 28 Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Detecting Accounting Fraud Before Its Too Late

Authors: Oriol Amat

1st Edition

1119566843, 9781119566847

More Books

Students also viewed these Accounting questions