The following information is about a Trading retailors of an organization. Write journal entries under

perpetual inventory system.

January 1st Sold OMR 150,000 of merchandise on credit (Cost OMR 60,000), with terms 2/20, n/45 and invoice

dated January 1st.

January 13th the customer returned OMR 7,000 worth of slightly demanded merchandise to the retailer and

received a full refund. The retailer returned the merchandise to its inventory at a cost of OMR 2800.

January 15th the customer discovered some merchandise was the wrong color and received an allowance

from the retailer of OMR 14,000

January 18th The customer paid the account in full, less the return and allowance,