On December 28, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,200. On December 31, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, Silverman issued Beasley a credit memo for returned merchandise. The returned merchandise originally cost Silverman $2,350 and was billed (invoiced) for $4,000 with terms 2/10, n/30.

Customer return and refund On December 28, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,200. On December 31, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, Silverman issued Beasley a credit memo for returned merchandise. The returned merchandise originally cost Silverman $2,350 and was billed (invoiced) for $4,000 with terms 2/10, n/30. a. Journalize the entries by Silverman Enterprises to record the December 28 sale. Beasley paid the balance due on January 7. Dec. 28 Accounts Receivable-Beasley Co., Sales / Dec. 28 Cost of Goods Sold , con el contra sa y o Inventory / Feedback V Check My Work Partially correct b. Journalize the entries by Silverman Enterprises to record the merchandise returned January 3. Jan. 3 Customer Refunds Payable y Accounts Receivable-Beasley Co., Jan. 3 Inventory / Estimated Returns Inventory /