Question
Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory
Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. April 1 Sold merchandise for $3,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $1,800. April 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. April 8 Sold merchandise for $1,000, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $700. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet 5 6 7 Sold merchandise for $3,000, with credit terms n/30; invoice dated April 1. Note: Enter debits before credits. Date General Journal Debit Credit April 01 Accounts receivable 3,000 No journal entry required 3,000 Record entry Clear entry View general journal
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