Handy Howard's Incorporated, is a student co-op. Handy Howard uses a perpetual inventory system. The following...

  

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Handy Howard's Incorporated, is a student co-op. Handy Howard uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $177,270). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise S672). c. Sold merchandise (costing $10,620) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had nat yet paid. f. Anticipate further returns of merchandise (costing $236) after month-end from sales made during the month. $ 324,500 1,630 23,600 11,800 1,460 BBD CP6-3 (Algo) Part 3 3. Prepare journal entries to record transactions (a) to (1. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Sold merchandise for $324,500 cash. Record the entry. Note: Enter debits before credits. Transaction General Journal Debit Credit a(1) Handy Howard's Incorporated, is a student co-op. Handy Howard uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $177,270). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise S672). c. Sold merchandise (costing $10,620) to a customer on account with terms n/30. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had nat yet paid. f. Anticipate further returns of merchandise (costing $236) after month-end from sales made during the month. $ 324,500 1,630 23,600 11,800 1,460 BBD CP6-3 (Algo) Part 3 3. Prepare journal entries to record transactions (a) to (1. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Sold merchandise for $324,500 cash. Record the entry. Note: Enter debits before credits. Transaction General Journal Debit Credit a(1)

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Sales Transactions are Recorded by the Seller of the Goods or Merchandise Such Transactions are made ... View the full answer