Hello,I'm a bit confused on how to record these transactions. The transactions are recorded uner the books of Martinez DateApr. 3Apr. 6Account Titles and ExplanationAccounts ReceivableInventoryCost of Goods Sold(To record credit sale)(To record cost of merchandise sold)(To record return of goods)(To record cost of merchandise returned)Debit27440100[Credit4111862 Sandhill Corp. uses a perpetual inventory system. The company had the following inventory transactions in April:April 3 Purchased merchandise from Martinez Ltd. for $27,440, terms n/30, FOB shipping point.The appropriate company paid freight costs of $686 on the merchandise purchased on April 3.7 Purchased supplies on account for $4,900.Returned merchandise to Martinez and received a credit of $3,430. The merchandise was returned to inventory forfuture resale.Paid the amount due to Martinez in full.1.2.3.6830The cost of the merchandise sold on April 3 was $18,620. Martinez expected a return rate of 15%.The cost of the merchandise returned on April 8 was $2,254.Martinez uses a perpetual inventory system.

Name: Hello,I'm a bit confused on how to record these transactions. The tran
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Description: Hello,I'm a bit confused on how to record these transactions. The transactions are recorded uner the books of Martinez DateApr. 3Apr. 6Account Titles and ExplanationAccounts ReceivableInventoryCost of Goods Sold(To record credit sale)(To record cost

Using a journal entry, a business transaction is recorded in the company's accounting records. A…

Answered: Sandhill Corp. uses a perpetual…

Cornerstones of Financial Accounting

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ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

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Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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Hello,

I'm a bit confused on how to record these transactions. The transactions are recorded uner the books of Martinez

Date
Apr. 3
Apr. 6
Account Titles and Explanation
Accounts Receivable
Inventory
Cost of Goods Sold
(To record credit sale)
(To record cost of merchandise sold)
(To record return of goods)
(To record cost of merchandise returned)
Debit
27440
100
[
Credit
411
1862

Sandhill Corp. uses a perpetual inventory system. The company had the following inventory transactions in April:
April 3 Purchased merchandise from Martinez Ltd. for $27,440, terms n/30, FOB shipping point.
The appropriate company paid freight costs of $686 on the merchandise purchased on April 3.
7 Purchased supplies on account for $4,900.
Returned merchandise to Martinez and received a credit of $3,430. The merchandise was returned to inventory for
future resale.
Paid the amount due to Martinez in full.
1.
2.
3.
6
8
30
The cost of the merchandise sold on April 3 was $18,620. Martinez expected a return rate of 15%.
The cost of the merchandise returned on April 8 was $2,254.
Martinez uses a perpetual inventory system.

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I'm sorry but when i submitted my question I stated that the transactions are recorded unde the books of Martinez Ltd... so the answer to this question is not what I was aking. I'm wondering how you record these transactions if Martinez Ltd. was doing the recording in their books. Thanks

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