Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Assume Longmire uses a perpetual inventory system.

Required:

Prepare the related journal entries for Longmire & Sons.

Prepare the related journal entries for Longmire & Sons.

General Journal Instructions

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GENERAL JOURNAL

Score: 107/125

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1		Accounts Receivable		500000
2		Sales Revenue			485000
3		Return Liability			15000
4		Cost of Goods Sold	?
5		Inventory			?
6		?			?
7		Return Liability		9000
8		Accounts Receivable			9000
9		Inventory		7200
10		?			7200