M6-8 Recording Journal Entries for Purchases, Purchase Returns, Sales, and Actual and Estimated Sales Returns Using a Perpetual Inventory System [LO 6-3, 6-4]

During its first year of operations, Drone Zone Corporation (DZC) bought goods from a manufacturer on account at a cost of $66,000. DZC returned $9,600 of this merchandise to the manufacturer for credit on its account. DZC then sold $54,000 of the remaining goods at a selling price of $80,600. DZC records sales returns as they occur and then records estimated additional returns at year-end. During the year, customers returned goods that had been sold at a price of $8,400. These goods were in perfect condition, so they were put back into DZCs inventory at their cost of $5,600. At year-end, DZC estimated $10,610 of current year merchandise sales would be returned to DZC in the following year; DZC estimates $6,900 as its cost of this merchandise.

Prepare journal entries to record DZCs transactions and estimates, assuming DZC uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

View transaction list X: 1 Record the purchase of goods from a manufacturer on account for $66,000. 5,00 2 Record the return of goods by the manufacturer at $9,600. 3 Record the sale of goods at $80,600. 4 Record the cost of goods sold at $54,000. Cr 5 Record the return of goods by the customer at $8,400. 6 Record the cost of goods returned at $5,600. 7 Record the return of goods estimated for the following Moto Maulant babaan antarad 3 Record the sale of goods at $80,600. 5,000. 4 Record the cost of goods sold at $54,000. 5 Record the return of goods by the customer at $8,400. 6 Record the cost of goods returned at $5,600. Credit 7 Record the return of goods estimated for the following year at $10,610. 8 Record the cost of goods estimated to be returned in the following year at $6,900. Note : = - journal entry has been entered Record entry Clear entry View general journa