Required information The following information applies to the questions displayed below) The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetua/inventory system and the gross method October 1 sold merchandise for $2,400, with credit terms 1/30, Invoice dated October 1. The cost of the merchandise is $1,350. October 6 The customer in the October 1 sale returned $240 of merchandise for full credit. The merchandise, which had cost $135, is returned to inventory. October 9 Sold merchandise for $1,150 cash. Cost of the merchandise is $110. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. Use the above sales transactions of EcoMart Merchandising to prepare journal entries. Required information Journal entry worksheet Sold merchandise for $2,400, with credit terms n/30, invoice dated October 1. Note: Enter debits before credits. Date General Journal Debit Credit Oct 01 Record entry Clear entry View general journal Required information Journal entry worksheet 1 N 3 4 5 6 7 The cost of the merchandise is $1,350. Note: Enter debits before credits. General Journal Debit Credit Date Oct 01 Record entry Clear entry View general journal Required information Journal entry worksheet 1 2 3 4 5 6 7 The customer in the October 1 sale returned $240 of merchandise for full credit. Note: Enter debits before credits. General Journal Debit Credit Date Oct 06 Record entry Clear entry View general journal Required information Journal entry worksheet Received payment for the amount due from the October 1 sale less the return on October 6. Note: Enter debits before credits. General Journal Debit Credit Date Oct 30 Record entry Clear entry View general journal Checkr [The following information applies to the questions displayed below! The following are the sales transactions of EcoMart Merchandising, EcoMart uses a perpetual Inventory system and the gross method October 1 Sold merchandise for $2,400, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,350. October 6 The customer in the October 1 sale returned $240 of merchandise for full credit. The merchandise, which had cost $135, is returned to inventory. October 9 Sold merchandise for $1,150 cash. Cost of the merchandise is $810. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. Use the above transactions to analyze each transaction by indicating its effects on the components of the income statement- specifically, identify the accounts and amounts (including + or -) for each transaction Income Statement Components October 1 Increase/Decrease October 6 Increase/Decrease Amount October 9 Increase/Decrease Amount Amount Increas Sales (gros) Sales discounts Salos returns and allowances Net sales Cont of goods sold Gross pro ed below. EcoMart Merchandising EcoMart uses a perpetual inventory system and the Eth credit terms n/30, invoice dated October 1. The cost of the merchandise is sale returned $240 of merchandise for full credit. The merchandise, which had atory h. Cost of the merchandise is $819. due from the October 1 sale less the return on October 6. action by indicating its effects on the components of the income statement- luding + or -) for each transaction ober 1 Amount October 6 Increase/Decrease October 9 Increase/Decrease Amount October 30 Increase/Decrease Amount Amount
