Annie's Antiques uses a perpetual inventory system. Journalize the following sales transactions for Annie's Antiques. Explanations...
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Annie's Antiques uses a perpetual inventory system. Journalize the following sales transactions for Annie's Antiques. Explanations are not required. The company estimates sales returns at the end of each month. (Record debits first explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.) (Click the icon to view the transactions.) ..... Date Accounts Debit Credit - X More info Jan. 8 Refunds Payable 100 Accounts Receivable-Chatam Designs 100 Jan. 4 Sold $19,000 of antiques on account, credit terms are n/30, to Chatam Designs. Cost of goods is $9,500. Jan. 8 Received a $100 sales return on damaged goods from Chatam Designs. Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise- Cost of goods damaged is $50. Jan. 13 Annie's Antiques received payment from Chatam Designs on the amount Date Accounts Debit Credit due from Jan. 4, less the return. Jan. 20 Sold $4,400 of antiques on account, credit terms are 2/10, n/45, FOB destination, to Wallace Furniture. Cost of goods is $2,200. Jan. 8 Merchandise Inventory 50 Estimated Returns Inventory 50 Jan. 20 Annie's Antiques paid $100 on freight out to Wallace Furniture. Jan. 29 Received payment from Wallace Furniture on the amount due from Jan. 20, less the discount. Jan. 13: Annie's Antiques received payment from Chatam Designs on the amount due from Jan. 4, less the re Date Accounts Debit Credit Print Done Jan, 13 Annie's Antiques uses a perpetual inventory system. Journalize the following sales transactions for Annie's Antiques. Explanations are not required. The company estimates sales returns at the end of each month. (Record debits first explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.) (Click the icon to view the transactions.) ..... Date Accounts Debit Credit - X More info Jan. 8 Refunds Payable 100 Accounts Receivable-Chatam Designs 100 Jan. 4 Sold $19,000 of antiques on account, credit terms are n/30, to Chatam Designs. Cost of goods is $9,500. Jan. 8 Received a $100 sales return on damaged goods from Chatam Designs. Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise- Cost of goods damaged is $50. Jan. 13 Annie's Antiques received payment from Chatam Designs on the amount Date Accounts Debit Credit due from Jan. 4, less the return. Jan. 20 Sold $4,400 of antiques on account, credit terms are 2/10, n/45, FOB destination, to Wallace Furniture. Cost of goods is $2,200. Jan. 8 Merchandise Inventory 50 Estimated Returns Inventory 50 Jan. 20 Annie's Antiques paid $100 on freight out to Wallace Furniture. Jan. 29 Received payment from Wallace Furniture on the amount due from Jan. 20, less the discount. Jan. 13: Annie's Antiques received payment from Chatam Designs on the amount due from Jan. 4, less the re Date Accounts Debit Credit Print Done Jan, 13
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Journal entries Account title Debit Account title Debit Date Credit Accounts Receivable Sales ... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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