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Need help filling in the general journal. Can some help me. Required Information [The following information applies to the questions displayed below.) Hair World Inc.
Need help filling in the general journal. Can some help me.
Required Information [The following information applies to the questions displayed below.) Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual Inventory system. The following transactions (summarized) have been selected for analysis: $87,200 a. Sold merchandise for cash (cost of merchandise $46,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (Original cost of merchandise $630 ). c. Sold merchandise (costing $9,025 ) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 1,050 19,000 9,500 304 Answer is not complete. No General Journal Credit Transaction a(1) Debit 87,200 46,797 Cash Cost of Goods Sold Sales Revenue Inventory 87,200 46,797 % a(2) 46,797 87,200 Cash Cost of Goods Sold Sales Revenue Inventory 46,797 87,200 b(1) 1,050 630 Cash Cost of Goods Sold Sales Revenue Inventory 1,050 x 630 b(2) Cash Cost of Goods Sold Sales Revenue Inventory 630 1,050 630 X 1,050 Cash Cost of Goods Sold Sales Revenue Inventory 19,000 9,025 19,000 9,025 c(2) 9,025 19,000 Cash Cost of Goods Sold Sales Revenue Inventory 9,025 19,000 Inventory 9,025 c(2) Cash Cost of Goods Sold Sales Revenue Inventory 9,025 19,000 9,025 X 19,000 9,500 Cash Sales Revenue 9,500 Cash Sales Revenue 304 304 Step by Step Solution
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