Question
Smith's Skateboards uses the perpetual inventory system and had the following sales transactions during April: April 2Sold merchandise to Happy Hobby Shop on credit for
Smith's Skateboards uses the perpetual inventory system and had the following sales transactions during April:
April 2Sold merchandise to Happy Hobby Shop on credit for $8,500, terms 1/15, n/60.The itemsSold had a cost of $4,250.
April 4Happy Hobby Shop returned merchandise that had a selling price of $500.The cost of theMerchandise returned was $250.
April 13Happy Hobby Shop paid for the merchandise sold on April 2, taking any appropriate discount.Earned.
REQUIRED:
Prepare the journal entries that Steve's Skateboards must make to record these transactions
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Accounting What the Numbers Mean
Authors: David Marshall, Wayne McManus, Daniel Viele
12th edition
007802529X, 1259969525, 978-1260565492
