QS 4-5 (Algo) Recording purchases, returns, and discounts taken LO P1 Prepare joumal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method November 5 Purchased 1,400 units of product at a cost of $40 per unit. Terms of the sale are 5/10, 1/60; the invoice is dated November 5. November 7 Returned 25 defective units from the November 5 purchase and received full credit. November 15 Paid the sount due from the November 5 purchase, minus the return on November 7. Answer is not complete. General Journal NO Date Credit 1 Nov 05 Merchandise inventory Accounts payable Debit 56,000 56.000 2 Nov 07 Accounts payable Merchandise inventory 125 125 3 Nov 15 55 750 Accounts payable Merchandise inventory Cash 27,875 QS 4-10 (Algo) Recording sales, returns, and discounts taken LO P2 Prepare joumal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. April 1 sold merchandise for $6,000, with credit terns n/30; invoice dated April 1. The cost of the merchandise is $3,600. April 4 The customer in the April 1 sale returned $638 of merchandise for full credit. The merchandise, which had cost $408, is returned to inventory. April 8 sold merchandise for $2,500, with credit terms of 1/10, 1/30; invoice dated April 8. Cost of the merchandise is $1.750. 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 1 2 3 5 6 7 Sold merchandise for $6,000, with credit terms n/30 Note: Enter debits before credits Date Apr 01 General Journal Debit Credit Record entry Clear enty View general journal QS 4-10 (Algo) Recording sales, returns, and discounts taken LO P2 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 April 1 Sold merchandise for $6,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600. April 4 The customer in the April 1 sale returned $680 of merchandise for full credit. The merchandise, which had cost $408, is returned to inventory. April 8 Sold merchandise for $2,500, with credit terms of 1/10, 1/30; invoice dated April 8. Cost of the merchandise is $1,750. 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 The customer in the April 1 sale returned $680 of merchandise for full credit Enter debits before credits Date Apr 04 General Journal Debit Credit Record entry Clear entry View general journal QS 4-10 (Algo) Recording sales, returns, and discounts taken LO P2 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 April 1 sold merchandise for 55,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600. April 4 The customer in the Aprili sale returned 5680 of merchandise for full credit. The merchandise, which had cost $408, is returned to inventory. April 8 sold merchandise for $2,500, with credit terms of 1/10, 1/30; Invoice dated April 8. Cost of the nerchandise is $1,750. April 11 Received payment for the anount due from the April 1 sole less the return on April 4. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 The merchandise, which had cost $408, is returned to inventory, Note: Enter debits before credits General Journal Data Apr 04 Debit Credit Record entry Clear entry View general journal QS 4-10 (Algo) Recording sales, returns, and discounts taken LO P2 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 April 1 Sold merchandise for $6,000, with credit terus w/30; invoice dated April 1. The cost of the merchandise is $3,600. April 4 The customer in the April 1 sole returned $680 of merchandise for full credit. The merchandise, which had cost $400, is returned to inventory April 8 Sold merchandise for $2,500, with credit terms of 1/10, w/30; invoice dated April 8. Cost of the merchandise is $1,750. April 11 Received payment for the amount due from the April 1 sole less the return on April 4. View transaction list Journal entry worksheet Sold merchandise for $2,500, with credit terms of 1/10, 1/30. Note: Enter debits before credits General Journal Date Apr 0B Debit Credit Record entry Clear entry View general journal QS 4-10 (Algo) Recording sales, returns, and discounts taken LO P2 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 April 1 Sold merchandise for 36,000, with credit terns /30; invoice dated April 1. The cost of the merchandise is $3,600. April 4 The customer in the April 1 sale returned 5630 of merchandise for full credit. The merchandise, which had cost $408, is returned to inventory. April s sold merchandise for $2,500, with credit terns of 1/10, 1/30; Invoice dated April 8. Cost of the merchandise is $1,750. 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