Journalize the following transactions for Antique Furniture, Inc. that occurred during the month of April using
(1) The perpetual inventory system
(2) Periodic inventory system. Antique Furniture’s cost of inventory is 70% of the sales price.
Apr 3 Sold $2,100 of merchandise on account, terms 1/15, n/45, FOB shipping point. Antique Furniture, Inc. prepaid $50 of shipping costs and added the amount to the customer's invoice.
7 Issued a credit memo to the customer acknowledging the return of $225 of damaged goods.
16 Received payment in full from the customer for the April 3 invoice.

  • CreatedJuly 08, 2015
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