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aS 5-8 Recording sales, returns, and discounts taken LO P2 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 tor $6,600, vith eredit terna /30; invoice dated April 1. The cost of the merehandise is $3,960. Apr. 4 The customer in the April 1 sale returned $740 of nerchandise for ful1 eredit. The nerehandine, which had cost $444, is returned to inventory. Apr. 8 Sold merehandise for $2,000, vith credit terma of 1/10, n/30 invoice dated April . Cost of the nerehandise is $1,960. Apr. 11 Received payment for the anount due fron the April 1 sale less the return on April 4. View transaction lst Journal entry worksheet 2. 3. 4 Sold merchandise for $6,600, with credit terms n/30.

aS 5-8 Recording sales, returns, and discounts taken LO P2 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 tor $6,600, vith eredit terna /30; invoice dated April 1. The cost of the merehandise is $3,960. Apr. 4 The customer in the April 1 sale returned $740 of nerchandise for ful1 eredit. The nerehandine, which had cost $444, is returned to inventory. Apr. 8 Sold merehandise for $2,000, vith credit terma of 1/10, n/30 invoice dated April . Cost of the nerehandise is $1,960. Apr. 11 Received payment for the anount due fron the April 1 sale less the return on April 4. View transaction lst Journal entry worksheet 2. 3. 4 Sold merchandise for $6,600, with credit terms n/30.

Corporate Financial Accounting
Corporate Financial Accounting
15th Edition
ISBN:9781337398169
Author:Carl Warren, Jeff Jones
Publisher:Carl Warren, Jeff Jones
Chapter5: Accounting For Retailing Businesses
Section: Chapter Questions
Problem 5.34EX
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QS 5-8 Recording sales, returns, and discounts taken LO P2 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 $6,600, vith eredit terna n/30; invoice dated April 1. The cost of the merehandise is $3,960. Apr. 4 The customer in the April 1 sale returned $740 of nerchandise for ful1 credit. The nerchandine, which had cont $444, is returned to inventory. Apr. B Sold merehandise for $2,000, vith credit terma of 1/10, n/30, invoice dated April . Cost of the nerehandise is $1,960. Apr. 11 Received payment for the anount due from the April 1 nale leas the return on April 4. View transaction list Journal entry worksheet 2 3. 5. Sold merchandise for $6,600, with credit terms r30. Note Enter debits before credta Date General Journal Debit Credit Apr 01
Transcribed Image Text:QS 5-8 Recording sales, returns, and discounts taken LO P2 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 $6,600, vith eredit terna n/30; invoice dated April 1. The cost of the merehandise is $3,960. Apr. 4 The customer in the April 1 sale returned $740 of nerchandise for ful1 credit. The nerchandine, which had cont $444, is returned to inventory. Apr. B Sold merehandise for $2,000, vith credit terma of 1/10, n/30, invoice dated April . Cost of the nerehandise is $1,960. Apr. 11 Received payment for the anount due from the April 1 nale leas the return on April 4. View transaction list Journal entry worksheet 2 3. 5. Sold merchandise for $6,600, with credit terms r30. Note Enter debits before credta Date General Journal Debit Credit Apr 01
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