March 3 Sold $16,000 of merchandise to Watson Company on account. March 4 Sold $2,100 of merchandise to Yancy Corp., who paid by credit card. The credit card company charges Jackson a fee of 1% on credit card sales March 5 Watson Company returned $100 of the merchandise from March 3. March 7 Sold $200 of merchandise to Mayberry, Inc., on account. March 15 Watson Company paid the balance of what it owed for the purchase on March 3. March 19 Sold $25,000 of merchandise to Zupko Co. on account. March 21 Zupko reported that some of the merchandise received was scratched and returned $1,300 worth of merchandise to Jackson March 23 Sold $30,000 of merchandise to Nelders Co. on account. March 25 Zupko paid the balance of what it owed for the purchase on March 19. March 31 Jackson made the adjusting entries for the month to accrue for estimated future returns. Jackson estimates that 3% of total sales will be returned. Jackson Indonesies wholesale Cone must pay 15 days or at the point of hole in tradit control of gods sold i 20% of the now had tie fotowing related restore dag were Clue the other Read the returement correu nowym Requirement Heard and the goods and for each others to record the ws) Marcha od 16.000 af merchando Watanaman count Donated the cost of good old entry yet we will do that in the rest Journal Entry Date Anco Debit Credit Now record the cost of goods sold for the sale of merchandise on March 3. Journal Entry Accounts Debit Date Credit Mar 3 More Bud 32.100 er merchandies to Yoney Cum who paid by credit card. The credit card caroury charger Jacken u too of som vrede wat record the cost of good to wym. W* * * the rest Journal Entry About Date Dria | Cred Mar 4 Now record the cost of goods for the sale of merchandise on March 4 Now record the cost of goods sold for the sale of merchandise on March 4 Journal Entry Accounts Date Debit Credit Mar 4 March 5: Watson Company retumed $100 of the merchandise from March 3. Do not record the inventory entry yet. We will do that in the next step Journal Entry Date Accounts Debit Credit Mar 5 Now record the inventory entry for the return of merchandise on March 5. Now record the inventory entry for the return of merchandise on March 5. Journal Entry Date Accounts Debit Credit Mars March 7: Sold 5200 of merchandise to Mayberry, Inc., on account. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Date Accounts Debit Credit Mar 7 Now record the cost of goods sold for the sale of merchandise on March 7. Now record the cost of goods sold for the sale of merchandise on March 7. Journal Entry Date Accounts Debit Credit Mar 7 March 15: Watson Company paid the balance of what it owed for the purchase on March 3. Journal Entry Date Accounts Dobit Credit Mar 15 March 18. Sold $25,000 of merchandise to Zupko Co on account. Do not record the cost of goods sold entry yet. We will do that in the next step Journal Entry March 19: Sold $25,000 of merchandise to Zupko Co on account. Do not record the cost of goods sold entry yet. We will do that in the next step. Journal Entry Accounts Debit Credit Date Mar 19 Now record the cost of goods sold for the sale of merchandise on March 19, Journal Entry Date Accounts Debit Credit Mar 19 March 21 Zupko reported that some of the merchandise received was scratched and retumed 51,300 worth of merchandise to Jackson Do not record the inventory entry yet. We wil do that in the next step Journal Entry Date Accounts Debit Credit Mar 21 Now record inventory entry for the retum of merchandise on March 21 Journal Entry Date Accounts Mar 21 Debit Credit March 23: Sald $30,000 of merchandise to Nelders Co. on account. Do not record the cost of goods sold entry yet. We will do that in the next step Journal Entry Debit Credit Date Accounts Mar 23 Now record the cost of goods sold for the sale of merchandise on March 23 Journal Entry Date Accounts Debit Credit Mar 23 March 25. Zupko paid the balance of what it owed for the purchase on March 19. C March 25: Zupko paid the balance of what it owed for the purchase on March 19. Journal Entry Accounts Date Debit Credit Mar 25 March 31: Jackson made the adjusting entries for the month to accrue for estimated future returns, Jackson estimates that 3% of total sales will be returned First, prepare the antry to accrue for the estimated sales retums. Do not record the cost of goods sold entry yet. We will do that in the next step Journal Entry Accounts Debit Credit Date Mar 31 FREE Journal Entry Accounts Date Debit Credit Mar 31 Now record the cost of goods sold entry for the estimated future returns. (Round your answer to the nearest whole dollar) Journal Entry Date Accounts Debit Credit Mar 31 Requirement 2. Calculate the gross sales revenue for the month. The gross sales revenue for the month is How record the Accounts Receivable-Mayberry Accounts ReceivableNelders Date Debit Mar 3 Accounts ReceivableWatson Accounts Receivable-Yancy Accounts Receivable-Zupko ard. The credit March 4: Sold $ Allowance for Uncollectible Accounts step Cash Date Cost of Goods Sold Debit Mar 4 kson Industries sells to wholesalers. wo w record the Inventory te De Inventory Returns Estimated ar 3 Sales Discounts Sales Refunds Payable Sales Returns and Allowances ard. The arch 4: Sold $ . Sales Revenue Selling Expense ate Del Uncollectible-Account Expense lar 4
