contestada

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.

Respuesta :

Explanation:

The Journal Entry is shown below:-

April 1

Account receivable Dr,     $3,000

        To Sales revenue                   $3,000

(Being the sales on account is recorded)

  Cost of goods sold Dr,          $1,800

         To Merchandise inventory  $1800

(Being cost of goods sold is recorded)

April 4

Sales return and allowances Dr,       $300

         To Accounts receivable                  $300

(Being merchandise returned is recorded)

     Merchandise inventory Dr,    $180  

           To Cost of goods sold       $180

(Being cost of merchandise returned is recorded)

April 8

Accounts receivable Dr,             $1,000  

Sales revenue                              $1,000

(Being sales on account is recorded)

Cost of goods sold Dr,                    $700  

Merchandise inventory                     $700

(Being cost of goods sold is recorded)

April 11

Cash                                       $2,700  

Accounts receivable                  $2,700

(Being collection on account is recorded)

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