Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kings Co. LLC makes a sale of merchandise for $5,820 on credit with terms 1/15.n/45. The original cost of the merchandise to Kings is $3,770.

image text in transcribed
image text in transcribed
image text in transcribed
Kings Co. LLC makes a sale of merchandise for $5,820 on credit with terms 1/15.n/45. The original cost of the merchandise to Kings is $3,770. Record the sale and cost of goods sold below. Record the sales part first, then the cost of goods sold portion second (like in the PowerPoint), Accounts Debit Credit Accounts Receivable 5.761.80 Sales Revenue 5,761.80 Cost of Goods Sold 3,770 3.770 Inventory Based on the sale from the previous problem, record a sales return of $1,000 (original cost of merchandise $520). Record the sale portion first, then the cost of goods sold portion second. Accounts Debit Credit [Select) [Select) [ Select) Select] [Select) [Select [Select Select) Based on sale and sales return on the prior 2 problems, record the receipt of payment from the customer within the discount period (recall that the credit terms were 1/15, n/45). The original sale was for $5,820 and the return was for $1,000 Accounts Debit Credit Select) [Select) Select [ Select Select Select

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

Step: 3

blur-text-image

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

Communication In The Age Of Trump

Authors: Arthur S. Hayes

1st Edition

1433150301, 9781433150302

More Books

Students also viewed these Accounting questions

Question

Briefly describe the sales and marketing activities of insurers.

Answered: 1 week ago

Question

What is the effect of word war second?

Answered: 1 week ago