In August, Joplin Designs sold $510,000 of merchandise; all sales were in cash. The cost of sales
Question:
In August, Joplin Designs sold $510,000 of merchandise; all sales were in cash. The cost of sales for August was $400,000. Based on past experience, Joplin uses an estimated return rate of 3% of sales. Record the journal entries for the monthly sales, cost of sales, estimated returns, and cost of estimated returns for August.
Step by Step Answer:
Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT August Cash 510000 S...View the full answer
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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