Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method.

Apr.    1    Sold merchandise for $6,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600.

Apr.    4    The customer in the April 1 sale returned $680 of merchandise for full credit. The merchandise, which had cost $408, is returned to inventory.

Apr.    8    Sold merchandise for $2,500, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,750.

Apr.    11    Received payment for the amount due from the April 1 sale less the return on April 4.

 

Transcribed Image Text:

View transaction list Journal entry worksheet 3 Note: Enter debits before credits. Date Apr 01 Record entry 5 Sold merchandise for $6,000, with credit terms n/30. General Journal 6 Clear entry 7 Debit Credit View general Journal View transaction list Journal entry worksheet 3 Note: Enter debits before credits. Date Apr 01 Record entry 5 Sold merchandise for $6,000, with credit terms n/30. General Journal 6 Clear entry 7 Debit Credit View general Journal

Answer rating: 100% (QA)

Date Apr 01 Apr 01 Apr 04 Apr 04 Apr 08 Apr 08 Apr 11 General Journal Accoun... View the full answer