intage World uses a perpetual inventory system. Jounalize the following sales tr

Question

intage World uses a perpetual inventory system. Jounalize the following sales transactions for Vintage World. Explanations are not required. The company estimates sales returns at the end of each month. (Record debits first, then credits. xcludeexplanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.) 0- Jan. 4: Sold $15,000 of antiques on account, credit tems are n/30. Cost of goods is S7,500. Begin by preparing the entry to journalize the sale portion of the transaction, Do not record the expense related to the sale. We will do that in the following step. Click the icon to view the transactions.) Date Accounts Debit Credit Jan. 4 S7,500 Now journalize the expense related to the January 4 saleCost of goods, 57,500. Date Accounts Debit Credit Jan, 4 Jan. 8: Received a $400 sales return on damaged goods from the customer. Cost of goods damaged is $200 Start by preparing the entry to record the sales return and decrease the receivable. Do not update the Merchandise Inventory with this entry. We will do that in the following step Date Accounts DebitCredit Jan, 8

Explanation / Answer

Date Accounts Debit Credit Jan 4 Accounts Receivable $15,000 Sales Revenue $15,000 Jan 4 Cost of goods sold $7,500 Merchandise Inventory $7,500 Jan 8 Sales Returns and Allowances $400 Accounts Receivable $400 Jan 8 Merchandise Inventory $200 Cost of good sold $200 jan13 Cash $14,600 Accounts Receivable $14,600

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