Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 9 3.45 pts Fern Corporation sold 3,000 units of inventory for $30,000 on August 1, 2020, terms 2/10, 1/30. The units cost Fern Corporation

image text in transcribed
Question 9 3.45 pts Fern Corporation sold 3,000 units of inventory for $30,000 on August 1, 2020, terms 2/10, 1/30. The units cost Fern Corporation $6 per unit. On August 4, 2020, 200 units were returned by the customer. Fern Corporation received full payment for the balance due on August 30, 2020. What journal entries should Fern Corporation make on August 4, 2020? Debit Sales Returns & Allowances 2.000; Credit Accounts Receivable 2.000 AND Debit Cast of Goods Sold 1.200, Credit Inventory 1.200 Debit Accounts Receivable 2,000; Credit Sales Returns & Allowances 2000; AND Debit Inventory 1,200-Credit Cost of Goods Sold 1.200 Debit Sales Returns & Allowances 2,000: Credit Accounts Receivable 2,000.AND Debit Inventory 1.200: Credit Cost of Goods Sold 1.200 Debit Sales Revenue 2.000: Credit Accounts Receivable 2.000: AND Debit Inventory 1,200: Credit Cost of Goods Sold 1 200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, J. Mather

8th Edition

0470929383, 978-0470929384

More Books

Students also viewed these Accounting questions

Question

How do you talk about your complaining customers?

Answered: 1 week ago