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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

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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

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