Ross & Company is a wholesaler of hair supplies. Ross uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,117). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $340). c. Sold merchandise (costing $8,170) to a customer on account with terms n/60.. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $260) after year-end from sales made during the year. $ 58,880 370 17,200 8,600 184 380 B. Prepare journal entries to record transactions (a)-(. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 Sold merchandise for $58,880 cash. Record the entry. Note: Enter debits before credits. Transaction a(1) 10 10 General Journal Debit Credit 4 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $340). c. Sold merchandise (costing $8,170) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $260) after year-end from sales made during the year. 3. Prepare journal entries to record transactions (a)-(. (If no entry is required for a transaction/event, select "N Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 10 The merchandise sold had a cost of $33,117. Record the entry. Note: Enter debits before credits. Transaction a(2) General Journal Debit Credit Record entry Clear entry View general journal 3 of 4 d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $260) after year-end from sales made during the year. 3. Prepare journal entries to record transactions (a)-(5. (If no entry is required for a transaction/event, select Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 0 9 10 Received merchandise returned by customers as unsatisfactory (but in perfect condition) for $370 cash refund. Record the entry. Note: Enter debits before credits. Transaction b(1) General Journal Debit Credit Record entry Clear entry View general journal of 4 c. Sold merchandise d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $260) after year-end from sales made during the year. 3. Prepare journal entries to record transactions (a)-(1). (If no entry is required for a transaction/event, sele- Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 The merchandise returned had a cost of $340. Record the entry. Note: Enter debits before credits. Transaction b(2) General Journal Debit Credit Record entry Clear entry View general journal f. Anticipate further returns of merchandise (costing $260) after year-end from sales made the year. 3. Prepare journal entries to record transactions (a)-(1). (If no entry is required for a transaction/event Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 6 Sold merchandise to a customer for $17,200 on account with terms n/60. Record the entry. Note: Enter debits before credits. Transaction c(1) 10 General Journal Debit Credit Record entry Clear entry View general journal (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,117). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $340).. c. Sold merchandise (costing $8,170) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $260) after year-end from sales made during the year. $ 58,880 370 17,200 8,600 184 380 3. Prepare journal entries to record transactions (a)-(. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 The merchandise sold had a cost of $8,170. Record the entry. Note: Enter debits before credits. Transaction c(2) 10 10 General Journal Debit Credit ^ Record entry Clear entry View general journal G 14 Ross & Company is a wholesaler of hair supplies. Ross uses a perpetual inventory system. The following transactic (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,117). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $340). c. Sold merchandise (costing $8,170) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $260) after year-end from sales made during the year. $ 58,88E 378 17,200 8,600 184 380 3. Prepare journal entries to record transactions (a)-(. (If no entry is required for a transaction/event, select "No Journal Required" in the first account field.) Mc View transaction list Journal entry worksheet < 1 2 3 4 5 6 LO 7 8 6 10 > Collected half of the $17,200 balance owed by the customer in transaction c. Record the entry. Note: Enter debits before credits. Transaction d General Journal Debit Credit Record entry Clear entry View general journal G www Ross & Company is a wholesaler of hair supplies. Ross uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,117). $ 58,880 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $340). 370 c. Sold merchandise (costing $8,170) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). 17,200 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $260) after year-end from sales made during the year. 8,600 184 1 380 3. Prepare journal entries to record transactions (a)-(). (If no entry is required for a transaction/event, select "No Journal Entr Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 9 10 10 > Granted a partial $184 allowance relating to credit sales the customer in transaction c had not yet paid. Record the entry. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Saved Ross & Company is a wholesaler of hair supplies. Ross uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,117). $ 58,880 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $340). 370 17,200 c. Sold merchandise (costing $8,170) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $260) after year-end from sales made during the year. 8,600 184 380 3. Prepare journal entries to record transactions (a)-(5. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 4 5 6 7 8 9 10 Anticipate further returns of merchandise after year-end from $380 sales made during the year. Record the entry. Note: Enter debits before credits. Transaction f(1) General Journal Debit Credit View general journal Record entry Clear entry Ross & Company is a wholesaler of hair supplies. Ross uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,117). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $340). c. Sold merchandise (costing $8,170) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $260) after year-end from sales made during the year. $ 58,880 370 17,200 8,600 184 380 3. Prepare journal entries to record transactions (a)-(5. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 2 3 4 5 6 7 8 9 The anticipated merchandise returns have a cost of $260. Record the entry. Note: Enter debits before credits. Transaction 1(2) 10 10 > General Journal Debit Credit Record entry Clear entry View general journal