Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Chapter 5, Problem 5.28BE
LO 1, 2, 3
(Learning Objectives 1, 2, 3: Apply GAAP for sales, sales returns, and sales discounts) Pastel Interiors reported the following transactions in June:
| June 2 | Sold merchandise on account to Elisa Birch, $700, terms 1/10, n/30. |
| 10 | Sole merchandise on account to Melissa Movens, $2,400, terms 1/10, n/30. |
| 11 | Collected payment from Elisa Birch for June 2 sale. |
| 15 | Movens returned $1,400 of the merchandise purchased on June 10. |
| 19 | Collected payment from Movens for the balance of the June 10 sale. |
Requirements
1. Record the foregoing transactions in the journal of Pastel Interiors using the gross method. (You do not need to make the cost of sales
2. Calculate the amount of gross sales minus sales discounts for the month of June.
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Chapter 5 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
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