Starter 5-9 Suppose Pears Educatin, the publisher, sells 1,000 boaks on accourdn

Question

Starter 5-9 Suppose Pears Educatin, the publisher, sells 1,000 boaks on accourdn sales sales eo.m, an for S150 each tcost of these books is S100000) on Cctober 10, 2017, The ection entries pepeal customer disoovered that 100 of these books were the wrang edition, so Pearson later received these books as sales returns an Octaber 13, 3017. ahrecelct, $132,30 Then the customer paid the balance on October 22, 2017, Credit terms were 2/15, net 30. Journalize Pearson's October 2017 transctions. Pearson uses the perpet ual inventory system. Comcuting net sales and gos marqnperpetua

Explanation / Answer

10-Oct Accounts Receivable 150000          Sales revenue 150000 10-Oct Cost of goods sold 100000          Inventory 100000 13-Oct Sales return and allowances 15000        Accounts Receivable 15000 13-Oct Inventory 10000       Cost of goods sold 10000 22-Oct Cash 132300 Sales discount 2700 =135000*2%        Accounts Receivable 135000

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