2. Costume Warehouse sells costumes and accessories. Review the following transactions and prepare the journal entry or entries if Costume Warehouse uses: A the perpetual inventory system B. the periodic inventory system May 3 A customer purchases 45 costumes at a sales price of $35 per costume. The cost to Costume Warehouse per costume is $15. The terms of the sale are 3/15, n/60, with an invoice date of May 3. The customer who made the May 3 purchase returns 5 of the costumes to the store for a full refund, claiming they were the wrong size. The costumes were returned to Costume Warehouse's inventory at $15 per costume. The customer pays in full for the remaining costumes, less the return. May 10 May 16

2. Costume Warehouse sells costumes and accessories. Review the following transactions and prepare the journal entry or entries if Costume Warehouse uses: A the perpetual inventory system B. the periodic inventory system May 3 A customer purchases 45 costumes at a sales price of $35 per costume. The cost to Costume Warehouse per costume is $15. The terms of the sale are 3/15, n/60, with an invoice date of May 3. The customer who made the May 3 purchase returns 5 of the costumes to the store for a full refund, claiming they were the wrong size. The costumes were returned to Costume Warehouse's inventory at $15 per costume. The customer pays in full for the remaining costumes, less the return. May 10 May 16

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 1PA: Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15...

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