Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
The following information is about a Trading retailors of an organization. Write journal entries under perpetual inventory system. January 1st Sold OMR 200,000 of merchandise
The following information is about a Trading retailors of an organization. Write journal entries under perpetual inventory system. January 1st Sold OMR 200,000 of merchandise on credit (Cost OMR 85,000), with terms 1/20, n/30 and invoice dated January 1st. January 13th the customer returned OMR 25000 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 10,000. January 15th the customer discovered some merchandise was the wrong color and received an allowance from the retailer of OMR 8,000 January 18th The customer paid the account in full, less the return and allowance.
The following information is about a Trading retailors of an organization. Write journal entries under perpetual inventory system.
January 1st Sold OMR 200,000 of merchandise on credit (Cost OMR 85,000), with terms 1/20, n/30 and invoice dated January 1st.
January 13th the customer returned OMR 25000 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 10,000.
January 15th the customer discovered some merchandise was the wrong color and received an allowance from the retailer of OMR 8,000
January 18th The customer paid the account in full, less the return and allowance.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started