Prepare journal entries to record each of the followingsales transactions of a merchandising company. Thecompany uses a perpetual inventory system and the grossmethod.April 1 Sold merchandise for $4,000, with creditterms n/30; invoice dated April 1. The costof the merchandise is $2,400.April 4 The customer in the April 1 sale returned$480 of merchandise for full credit. Themerchandise, which had cost $288, isreturned to inventory.April 8 Sold merchandise for $1,500, with creditterms of 1/10, n/30; invoice dated April 8.Cost of the merchandise is $1,050.April 11 Received payment for the amount due fromthe April 1 sale less the return on April4.View transaction listJournal entry worksheet123 4567Sold merchandise for $4,000, with credit terms n/30.Note: Enter debits before credits.DateGeneral JournalDebitCreditApr 01Record entryClear entryView genera Prepare journal entries to record each of the followingsales transactions of a merchandising company. Thecompany uses a perpetual inventory system and the grossmethod.April 1 Sold merchandise for $4,000, with creditterms n/30; invoice dated April 1. The costof the merchandise is $2,400.April 4 The customer in the April 1 sale returned$480 of merchandise for full credit. Themerchandise, which had cost $288, isreturned to inventory.April 8 Sold merchandise for $1,500, with creditterms of 1/10, n/30; invoice dated April 8.Cost of the merchandise is $1,050.April 11 Received payment for the amount due fromthe April 1 sale less the return on April4.View transaction listJournal entry worksheet12347The cost of the merchandise is $2,400.Note: Enter debits before credits.DateGeneral JournalDebitCreditApr 01Record entryClear entryView genera

The journal entries are prepared to keep the record of day to day transactions of the business.…

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 $4,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,400. April 4 The customer in the April 1 sale returned $480 of merchandise for full credit. The merchandise, which had cost $288, is returned to inventory. April 8 Sold merchandise for $1,500, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,050. April 11 Received payment for the amount due from the April 1 sale less the return on April 4.

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 $4,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,400. April 4 The customer in the April 1 sale returned $480 of merchandise for full credit. The merchandise, which had cost $288, is returned to inventory. April 8 Sold merchandise for $1,500, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,050. April 11 Received payment for the amount due from the April 1 sale less the return on April 4.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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