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On September 12, Vandelay Company sold merchandise in the amount of $4,100 to Jepson Company, with credit terms of 2/10, 1/30. The cost of the
On September 12, Vandelay Company sold merchandise in the amount of $4,100 to Jepson Company, with credit terms of 2/10, 1/30. The cost of the items sold is $2,830. Vandelay uses the periodic Inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise The selling price of the merchandise is $355 and the cost of the merchandise returned is $250. Jepson pays the invoice on September 18 and takes the appropriate discount. The journal entry that Vandelay makes on September 18 is: 16 03 01:47:33 Account Title Debit Credit Cash 4,100.00 Accounts Receivable 4,100.00 Account Title Cash Debit 2,830.00 Credit Accounts Receivable 2,830.00 Account Title Cash Debit 3,670.10 Credit Sales discounts 74.90 Accounts Receivable 3,745.00 Account Title Debit Credit Cash 4,025.10 Accounts Receivable. 4,025.10 16 03 01:47:25 Account Title Cash Debit 2,830.00 Credit Accounts Receivable 2,830.00 Account Title Cash Debit 3,670.10 Credit Sales discounts 74.90 Accounts Receivable 3,745.00 Account Title Debit Credit Cash 4,025.10 Accounts Receivable 4,025.10 Account Title Cash Debit 4,025.10 Credit Sales discounts 74.90 Accounts Receivable: 4,100.00
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