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QS 4-8 (Algo) 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. April 1 Sold merchandise for $6,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600. April 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. April 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. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet 1 2 3 4 5 6 Sold merchandise for $6,000, with credit terms n/30. < Prev 7 9 of 15 - ww -- Next >

QS 4-8 (Algo) 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. April 1 Sold merchandise for $6,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600. April 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. April 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. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet 1 2 3 4 5 6 Sold merchandise for $6,000, with credit terms n/30. < Prev 7 9 of 15 - ww -- Next >

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 34E
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Journal entry worksheet < EPH # 1 Note: Enter debits before credits. Date April 01 f3 3 Sold merchandise for $6,000, with credit terms n/30. E 2 D $ 3 f4 4 R F f5 4 5 % General Journal 5 B f6 T < Prev ^ G 6 X 6 f7 Y 7 9 of 15 HH & O/Q H f8 7 Debit BN * U f9 8 J Credit Next > f10 K
Transcribed Image Text:Journal entry worksheet < EPH # 1 Note: Enter debits before credits. Date April 01 f3 3 Sold merchandise for $6,000, with credit terms n/30. E 2 D $ 3 f4 4 R F f5 4 5 % General Journal 5 B f6 T < Prev ^ G 6 X 6 f7 Y 7 9 of 15 HH & O/Q H f8 7 Debit BN * U f9 8 J Credit Next > f10 K
QS 4-8 (Algo) 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. April 1 Sold merchandise for $6,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600. April 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. April 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. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet 1 2 3 4 5 6 < Prev 7 Sold merchandise for $6,000, with credit terms n/30. 9 of 15 - -- Next >
Transcribed Image Text:QS 4-8 (Algo) 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. April 1 Sold merchandise for $6,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600. April 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. April 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. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet 1 2 3 4 5 6 < Prev 7 Sold merchandise for $6,000, with credit terms n/30. 9 of 15 - -- Next >
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