Question: Customer return and rerund On December 28, 2043, Silverman Enterprises sold $18,000 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the

Customer return and rerund On December 28, 2043, Silverman Enterprises sold $18,000 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,300. On December 31, 20Y3, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4, Silverman Enterprises issued Beasley Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $4,000 and the merchandise originally cost Silverman Enterprises $2,200. a. Journalize the entries by Silverman Enterprises to record the December 28, 2093 sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. 20Y3 Dec. 28 20Y3 Dec. 28 b. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 2014. If an amount box does not require an entry, leave it blank. 20Y4 Jan. 3 20Y4 Jan. 3 II II lot II II II C. Journalize the entry to record the receipt of the amount due by Beasley Co. on January 7, 2084. If an amount box does not require an entry, leave blank. 20Y4 Jan. 7
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
