Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Longmire & Sons made sales on credit to Alderman Sports totaling $900,000 on April 18. The cost of the goods sold is $800,000. Longmire estimates
Longmire & Sons made sales on credit to Alderman Sports totaling $900,000 on April 18. The cost of the goods sold is $800,000. Longmire estimates 2% 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. Longmire uses a periodic inventory system. Required: Prepare the related journal entries for Longmire & Sons. PAGE 1 GENERAL JOURNAL Score: 47/63 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 900,000.00 2 Apr. 18 Accounts Receivable Sales Revenue Cost of Goods Sold 9,000.00 3 7,200.00 May 22 Sales Revenue 9,000. 5 Accounts Receivable 9,000.00
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started