Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method.

 

Apr.    1    Sold merchandise for $3,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $1,800.

Apr.    4    The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory.

Apr.    8    Sold merchandise for $1,000, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $700.

Apr.    11    Received payment for the amount due from the April 1 sale less the return on April 4.

 

 

Journal entry worksheet > Sold merchandise for $3,000, with credit terms n/30. Note: Enter debits before credits, Date General Journal Debit Credit Apr 01 Record entry Clear entry View general journal