Question

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 $3,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $1,800. Apr. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory. Apr. 8 Sold merchandise for $1,000, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $700. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.

Answer 1

Answer:

Given:

Apr. 1 Sold merchandise for $3,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $1,800.

Apr. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory.

Apr. 8 Sold merchandise for $1,000, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $700.

Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.

Answer 2

The journal entries prepared to record the sales transactions of the merchandising company, using the perpetual inventory system and the gross method are as follows:

Apr. 1 Debit Accounts Receivable $3,000

Credit Sales Revenue $3,000

• To record the sale of goods, credit terms n/30

Debit Cost of goods sold $1,800

Credit Inventory $1,800

• To record the cost of goods sold.

Apr. 4 Debit Sales Returns $300

Credit Accounts Receivable $300

• To record the return of goods.

Debit Inventory $180

Credit Cost of goods sold $180

• To record the cost of goods returned.

Apr. 8 Debit Accounts Receivable $1,000

Credit Sales Revenue $1,000

• To record the sale of goods, credit terms of 1/10, n/30

Debit Cost of goods sold $700

Credit Inventory $700

• To record the cost of goods sold.

Apr. 11 Debit Cash $2,700

Credit Accounts Receivable $2,700

• To record the receipt of cash from customers.

Data Analysis:

Apr. 1 Accounts Receivable $3,000 Sales Revenue $3,000

credit terms n/30

Cost of goods sold $1,800 Inventory $1,800

Apr. 4 Sales Returns $300 Accounts Receivable $300

Inventory $180 Cost of goods sold $180

Apr. 8 Accounts Receivable $1,000 Sales Revenue $1,000

credit terms of 1/10, n/30

Cost of goods sold $700 Inventory $700

Apr. 11 Cash $2,700 Accounts Receivable $2,700

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