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Prepare journal entries for the following transactions made by Seass End Clothing: Feb 1 Sold $5,000 inventory on account to Helens Boutique, cost of goods
Prepare journal entries for the following transactions made by Seass End Clothing: Feb 1 Sold $5,000 inventory on account to Helens Boutique, cost of goods sold was $2,500. Feb 1 Paid freight charges in cash associated with the delivery to Helens Boutique of $150. Feb 5 Helens Boutique returned $300 of unwanted merchandise, cost of goods sold was $150. Feb 10 Received payment from Helens Boutique. Feb 15 Sold $1,000 inventory for cash, cost of goods sold was $500.
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