Jan. 2 Sarasota sold $39,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $21,840. Sarasota expected a return rate of 15% Jan. 5 The appropriate company paid freight cost of $780. Jan 6 Xtra returned $5,100 of the merchandise purchased from Sarasota on January 2, because it was not needed. The cost of the merchandise returned was $2,856, and it was restored to inventory. Jan. 11 Sarasota received the balance due from Xtra.
Jan. 2 Sarasota sold $39,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $21,840. Sarasota expected a return rate of 15% Jan. 5 The appropriate company paid freight cost of $780. Jan 6 Xtra returned $5,100 of the merchandise purchased from Sarasota on January 2, because it was not needed. The cost of the merchandise returned was $2,856, and it was restored to inventory. Jan. 11 Sarasota received the balance due from Xtra.
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 13MC: Which of the following accounts are used when recording the sales entry of a sale on credit? A....
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Question
Jan. 2
Sarasota sold $39,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $21,840. Sarasota expected a return rate of 15%
Jan. 5
The appropriate company paid freight cost of $780.
Jan 6
Xtra returned $5,100 of the merchandise purchased from Sarasota on January 2, because it was not needed. The cost of the merchandise returned was $2,856, and it was restored to inventory.
Jan. 11
Sarasota received the balance due from Xtra.
Transcribed Image Text:6
6
(To record return of goods)
11
(To record cost of goods returned)
eTextbook and Media
Type here to search
List of Accounts
27°C Mostly cloudy
Transcribed Image Text:Date Account Titles and Explanation
Jan. 2
Type here to search
(To record credit sale)
5
(To record cost of goods sold)
Debit
Credit
27°C Mostly cloudy
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