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Please show work! Thanks, Longmire & Sons made sales on credit to Alderman Sports totaling $900,000 on April 18. The cost of the goods sold
Please show work! Thanks,
Longmire & Sons made sales on credit to Alderman Sports totaling $900,000 on April 18. The cost of the goods sold is $800,000. Longmire estimates 2% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Longmire uses a periodic inventory system. Required: Prepare the related journal entries for Longmire & Sons.
Prepare the related journal entries for Longmire & Sons.
| DATE | ACCOUNT TITLE | POST. REF. | DEBIT | CREDIT | |
|---|---|---|---|---|---|
| 1 | |||||
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 |
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