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Jun. 3 Purchased inventory on account with credit terms of 4/10, n/EOM, $2,100. 9 Returned 30% of the inventory purchased on June 3. It was defective. 12 Sold goods for cash, $940 (cost, $564). 15 Purchased goods for $7,000 on account. Credit terms were 4/15, n/30. 16 Paid a $220 freight bill on goods purchased. 17 Sold inventory for $5,000 cash (cost, $4,310). 18 Sold inventory for $1,500 on account with credit terms of 3/10, 1/30 (cost, $900). 22 Received returned goods from the customer of the June 17 sale, $1,000 (cost, $600). 24 Paid supplier for goods purchased on June 15. 28 Received cash in full settlement of the account from the customer who purchased inventory on June 18. 29 Paid the amount owed on account from the purchase of June 3. 30 The company estimated that $450 of merchandise sold will be returned with a cost of $230. Jun. 3: Purchased inventory on account with credit terms of 4/10, n/EOM, $2,100. Date Accounts and Explanation Debit Credit Jun. 3 Jun. 9: Returned 30% of the inventory purchased on June 3. It was defective. Date Accounts and Explanation unteand Explanation Debit Credit IND Jun. 12: Sold goods for cash, $940 (cost, $564). Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts and Explanation Debit Credit Jun. 12 Now journalize the expense related to the June 12 saleSold goods for cash, $940 (cost, $564). Date Accounts and Explanation Debit Jun. 12 Credit Jun. 15: Purchased goods for $7,000 on account. Credit terms were 4/15, n/30. Date Accounts and Explanation Credit Jun. 15 Jun. 16: Paid a $220 freight bill on goods purchased. Date Accounts and Explanation ale Debit Credit Jun. 16 | III || | || Jun. 17: Sold inventory for $5,000 cash (cost, $4,310). Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts and Explanation Debit Credit Jun. 17 Now journalize the expense related to the June 17 sale -Sold inventory for $5,000 cash (cost, $4,310). Date Accounts and Explanation Debit Credit Jun. 17 urc 2 Jun 18: Sold inventory for $1,500 on account with credit terms of 3/10, 1/30 (cost, $900). Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts an xplanation | Debit Credit Cale O W ill DI Jun. 18 V 1 // // 1/ 11W // VC 1 / / // / / 1 e Now journalize the expense related to the June 18 saleSold inventory for $1,500 on account with credit terms of 3/10, n/30 (cost, $900). Date Accounts and Explanation Debit Credit Jun. 18 Jun. 22: Received returned goods from the customer of the June 17 sale, $1,000 (cost, $600) Start by preparing the entry to record the sales return. Do not update the Merchandise Inventory with this entry. We will do that in the following step. Date Accounts and Explanation Debit Credit Jun. 22 Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise-Received returned goods from the customer of the June 17 sale, $1,000 (cost, $600). Date Accounts and Explanation Debit Credit Jun. 22 Jun 24: Paid supplier for goods purchased on June 15. e Date Accounts and Explanation Debit Credit | 1 | II | | | | III TITI III III III III | | | // TL Jun. 28: Received cash in full settlement of the account from the customer who purchased inventory on June 18. Da ccounts and Explanation Debit Credit lei CITI III TITI Jun. 29: Paid the amount owed on account from the purchase of June 3. Date Accounts and Explanation Debit Credit Jun. 29 Jun. 30: The company estimated that $450 of merchandise sold will be returned with a cost of $230. Begin by preparing the entry for the estimated refunds. Do not prepare the entry to record the estimated return of merchandise with this entry. We will do that in the following step. Date Accounts and Explanation Debit Credit TI III III I II III FI III II III III III Now prepare the entry for the estimated return of merchandise. Date Accounts and Explanation Debit g Jun 30
