Business, 25.09.2020 02:01 james8781

(Learning Objectives 1, 2, 3: Apply GAAP for sales, sales returns, and salesdiscounts) Pastel Interiors reported the following transactions in June:June 210111519Sold merchandise on account to Elisa Birch, $700, terms 1/10, n/30.Sold merchandise on account to Melissa Movens, $2,400, terms 1/10, n/30.Collected payment from Elisa Birch for June 2 sale. Movens returned $1,400 of the merchandise purchased on June 10.Collected payment from Movens for the balance of the June 10 sale. Requirements1. Record the foregoing transactions in the journal of Pastel Interiors using the gross method.(You do not need to make the cost of sales journal entries; assume that these entries will bemade by the company when it makes its other adjusting entries at period end.)2. Calculate the amount of gross sales minus sales discounts for the month of June

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(Learning Objectives 1, 2, 3: Apply GAAP for sales, sales returns, and salesdiscounts) Pastel Interi...

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