History Bookmarks People Window Help Secure https px?homeworkld 4836905098questi

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History Bookmarks People Window Help Secure https px?homeworkld 4836905098questionld-1&flushed; false&cld; 50171978centerwin ACC 101-A01N (Backman) Summer 2018 Jackson Ward&1 88/18 4:18 PM Homework: Chapter 5 Homework Save 1 of 2 (0 complete) Hw Score: 0%, 0 of 2 pts E p hundred of these Score: 0 of 1 pt S5-6 (similar to) Question Help Suppose Longriver.com sells 2,000 books on account for $14 each (oost of these booksis $16.800) on October 10, 2018 to The Salem Store. One books (oost $840) were damaged i (Assume both oomparies use a perpetual Inventory system and that sales are recorded at the net amount.) n shipment, so Longriver.com later received the damaged goods from The Salem Store as sales retums on October 13, 2018 Read the requiemes Requirement 1. Joumalize The Salem Store's October 2018 transactions Ot 10 The Salem Store purchased 2,000 books on account for $14 each from Longriver.com (Reoond debils first, then credits Exclude esxplanations from journal entries) Date Debit Credit Oct. 10 Choose from any list or enter any number in the input fields and then click Check Answer Check Arswer Clear Al 8

Explanation / Answer

Salem Stores Journal Entries for Salem Stores: Date Accounts title and explanation Debit Credit 10-Oct Inventory Account Dr. 28000      Accounts payable 28000 13-Oct Accounts payable Account Dr. 1400      Inventory Account 1400 Longriver's Com Journal Entries for Salem Stores: Date Accounts title and explanation Debit Credit 10-Oct Accounts receivable 28000     Sales revenue Account 28000 10-Oct Cost of Goods sold Account Dr. 16800       Inventory Account 16800 13-Oct Sales return and allowance Account Dr. 1400      Accounts receivable 1400 31-Oct Inventory Account Dr. 840     Cost of Goods sold Account 840

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