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Prepare journal entries to record cash of the foll...

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Prepare journal entries to record cash of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system. Apr.1 Sold merchandise for $2,000, granting the customer terms of 2/10,EOM; invoice dated April 1. The cost of the merchandise is $1,400. Apr.4 The customer in the April 1 sale returned merchandise and received credit for $500. The merchandise, which had cost $350, is returned to inventory. Apr.11 Received payment for the amount due from the April 1 sale less the return on April 4.

 

Paper#8212 | Written in 18-Jul-2015

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