Requirement 2. Journalize these transactions on the books of VIP Furniture Warehouse, assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries.) Jul 4: Kinzer Furnishings purchased $6,700 of merchandise from VIP Furniture Warehouse on account. Terms, 3/15, n/30. FOB shipping point. The goods cost VIP Furniture Warehouse $3,200. Begin by journalizing the revenue from the sale of merchandise. (Do not yet record the cost related to the sale. We will do this in the next journal entry.) Journal Entry Date Accounts Debit Credit i X More Info Jul 4||Accounts receivable Sales revenue Now journalize the cost of goods sold related to the sale of merchandise on July 4. Jul 4 Kinzer Furnishings purchased $6,700 of merchandise from VIP Furniture Warehouse on account. Terms, 3/15, n/30, FOB shipping point. The goods cost VIP Furniture Warehouse $3,200. 7 Kinzer Furnishings paid a $50 freight bill for delivery of the goods purchased on July 4. 10 Kinzer Furnishings returned $1,100 of the merchandise purchased on July 4. The goods cost VIP Furniture Warehouse $400. 18 Kinzer Furnishings paid $1,900 of the July 4 invoice less the discount. 31 Kinzer Furnishings paid the remaining amount owed on the July 4 invoice. Journal Entry Date Accounts Debit Credit Jul 4 Accounts receivable Print Done Jul 10: Kinzer Furnishings returned $1,100 of the merchandise purchased on July 4. The goods cost VIP Furniture Warehouse $400. Start by recording the receivable portion of the merchandise return. (Do not yet record the inventory adjustment related to the return. We will do this in the next journal entry.) Journal Entry Choose from any list or enter any number in the input fields and then continue to the next question. Jul 10: Kinzer Furnishings returned $1,100 of the merchandise purchased on July 4. The goods cost VIP Furniture Warehouse $400. Start by recording the receivable portion of the merchandise return. (Do not yet record the inventory adjustment related to the return. We will Journal Entry Date Accounts Debit Credit Jul 10 Now journalize the inventory portion of the merchandise return. Journal Entry Date Accounts Debit Credit Jul 10 Jul 18: Kinzer Furnishings paid $1,900 of the July 4 invoice less the discount. Journal Entry Date Accounts Debit Credit Jul 18 Jul 18: Kinzer Furnishings paid $1,900 of the July 4 invoice less the discount. Journal Entry Date Accounts Debit Credit Jul 18 Jul 31: Kinzer Furnishings paid the remaining amount owed on the July 4 invoice. Journal Entry Date Accounts Debit Credit Jul 31
