Business, 16.08.2020 14:01 bartekzelazek5083

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 Apr. 1 Sold merchandise for $5,400, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,240
Apr 4 The customer in the April 1 sale returned $620 of merchandise for full credit. The merchandise, which had cost $372, is returned to inventory.
Apr 8 Sold merchandise for $2,200, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,540.
Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.

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Answer from: mv603177

please find the explanation column for answers

Explanation:

journal entry to record the sales transaction of a merchandising company:

Date Account Debit Credit

Apr 1 Account receivables $5,400

Sales $5,400

To record cost of goods sold

Apr 1 Cost of merchandise sold $3,240

Merchandise inventory $3,240

2. To record sales return of goods.

Date Account Debit Credit

Apr 4 Sales Return $620.00

Account Receivable $620.00

Cost of merchandised returned

Apr 4 Merchandise Inventory $372.00

Cost of Goods Sold $372.00

3.To Record Sales made from merchandise

Date Account Debit Credit

Apr 8 Account Receivable$2,200.00

Sales $2,200.00

To Record cost of merchandise Sold

Apr 8 Cost of Goods Sold $1,540.00

Merchandise Inventory $1,540.00

4.Journal to record payment received from sales of merchandise

Date Account Debit Credit

Apr 11 Cash $4,780.00

Account receivable $4,780.00

Calculation

Amount due from Apr 1 st sale less than return on April 4 =Account receivables - Sales Return= $5,400- $620=$4,780.00

Answer from: Quest

the answer is account d

Which account has the lowest minimum balance requirement? bank account terms and conditions account

Answer from: Quest

answer; sales of books;

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