Question: Evans Retailer records its inventory using the periodic inventory system. Please prepare the following journal entries in Evans Retailer's books. June 3rd: Sold, on account,

Evans Retailer records its inventory using the periodic inventory system.
Please prepare the following journal entries in Evans Retailer's books.
June 3rd: Sold, on account, merchandises to Customer B valued at $85,000.
The merchandises had originally cost Evans Retailer $65,000. Credit terms
are 2/10, n/30.
June 6th: Customer B returned merchandises valued at $16,000. Evans
Retailer had orifinally purchased those merchandises for $13,000.
June 17th. Customer B settled the account.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Firms that incur a tax loss are allowed to carry back the tax loss to obtain a refund of taxes previously paid. To the extent the losses cannot be carried back to obtain a refund (because past...

Q:

QUESTION 1 10 poi Everest Retailer records its merchandises using the perpetual inventory system. Below are transactions that occurred in the month of July 2020. July 1st. Purchased, on account,...

Q:

I've attached the assignment as a word file, thanks! You can use the class readings for this week's assignments. c05MerchandisingOperationsandtheMultiple-StepIncomeStatement.qxd 8/14/10 2:14 PM Page...

Q:

I've attached the question as a word file as well as the class text to help with the assignment. Thanks! c05MerchandisingOperationsandtheMultiple-StepIncomeStatement.qxd 8/14/10 2:14 PM Page 226...

Q:

I've attached the question as a word file as well as the class text to help with the assignment. Thanks! c05MerchandisingOperationsandtheMultiple-StepIncomeStatement.qxd 8/14/10 2:14 PM Page 226...

Q:

Question 1 Jordan Lid acquired a new equipment on 1 July 2019 for $130,000 cash. The equipment has an estimated useful life of 10 years and $10,000 residual value. On 30 June 2020, that equipment's...

Q:

For week 3 transactions. Please show where the numbers should be accounting in. For example, does it go in the special journal? in the subsidiary journal? general journal? screenshots are attached....

Q:

Please help me with the following. I have attached (3)assignments. Three assignments should be submitted when completed. Please follow directions and do no submit incomplete work. Highlight all...

Q:

8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to...

Q:

Can anyone please help me with this assignment attached! Corresponds to CLO 1(a) Which of the following interrelationships is not important to understand when preparing financial statements: (Points...

Q:

Can anyone please help me with this assignment attached! Corresponds to CLO 1(a) Which of the following interrelationships is not important to understand when preparing financial statements: (Points...

Q:

For which one of the following situations would Kend all's tau be appropriate? a) The Mohs scale rates the hardness of minerals. If one mineral can scratch another, it is judged to be harder....

Q:

Ringer Co., a company that you regularly do business with, gives you a $18,000 note. The note is due in three years and pays simple interest of 5% annually. How much will Ringer pay you at the end of...

Q:

which of the following does not describe the account statement of affairs

Q:

Using C++ Programming C-code to integrate f(x) = e^(-x^2) elementof [-infinity, infinity] Use N of diff values, N number of steps/intervals. Print out all x_i, f_i = f(x_i) and the result. Determine...