A seller uses a periodic inventory system, and on April 4, it sells $5,000 inmerchandise on credit (when its cost is $2,400) to a customer on credit termsof 3/10, n/30. On April 5, the customer returns merchandise for a cash refundof $500.Note: Enter debits before credits.DateApril 05General JournalDebitCredit

Selling goods on credit refers to the concept when the seller sell its products to the buyer and…

merchandise A seller uses a periodic inventory system, and on credit (when its cost is $2,400 of 3/10, n/30. On April 5, the customer return of $500. te: Enter debits before credits. Date April 05 General Journal

merchandise A seller uses a periodic inventory system, and on credit (when its cost is $2,400 of 3/10, n/30. On April 5, the customer return of $500. te: Enter debits before credits. Date April 05 General Journal

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14: Adjustments For A Merchandising Business

Section: Chapter Questions

Problem 1MC: Under the periodic inventory system, what account is credited when an estimate is made for sales...

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Question

A seller uses a periodic inventory system, and on April 4, it sells $5,000 in
merchandise on credit (when its cost is $2,400) to a customer on credit terms
of 3/10, n/30. On April 5, the customer returns merchandise for a cash refund
of $500.
Note: Enter debits before credits.
Date
April 05
General Journal
Debit
Credit

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