$31$

TB Problem Qu$.4-205($Algo$)$ Recording sales, returns, and discounts taken

A company uses the perpetual inventory system and the gross method of accounting for sales and had the following sales transactions during June:

$5$

points

$01$:$57$:$15$

June $2$ Sold merchandise to a customer on credit for $$7,400,$ terms $\frac{1}{15},\frac{n}{60}.$ The items sold had a cost of $$4,000.$

June $4$ The customer from June $2$ returned merchandise that had a selling price of $$400.$ The cost of the merchandise returned was $$240.$

June $15$ The customer paid for the merchandise sold on June $2$ less the return, and taking any available discount.

Prepare journal entries to record these transactions.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

Sold merchandise to a customer on credit for $$7,400,$ terms $\frac{1}{15},\frac{n}{60}.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$June $02,,,],[,,,],[,,,]]$

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