The following transactions were selected from among those completed by Bear’s Re

Question

The following transactions were selected from among those completed by Bear’s Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $360 sales price in cash. The goods cost Bear’s $440. 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $3,600 (total); terms 3/10, n/30. The goods cost Bear’s $2,300. 28 Sold 10 identical items of merchandise to Nancy’s Gym at a selling price of $5,600 (total); terms 3/10, n/30. The goods cost Bear’s $3,800. 29 Nancy’s Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer. Dec. 6 Nancy’s Gym paid the account balance in full. 30 Vasko Athletics paid in full for the invoice of November 25. Required: Prepare journal entries to record the transactions, assuming Bear’s Retail Store uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar amount.)

view transaction list view general journal Date General Journal Debit Credit Nov. 20 No Transaction Recorded Nov25 No Transaction Recorded Nov.25 No Transaction Recorded Nov. 25 No Transaction Recorded Nov. 28 No Transaction Recorded Nov. 28 No Transaction Recorded Nov. 29 No Transaction Recorded Nov. 29 No Transaction Recorded Dec. 6 No Transaction Recorded Dec. 30 No Transaction Recorded

Explanation / Answer

NOV 20 CASH A/C 360 COST OF GOODS 440 SALES REVENUE 360 INVENTORY 440 NOV 25 ACCOUNTS RECEIVABLE 3600 COST OF GOODS 2300 SALES REVENUE 3600 INVENTORY 2300 NOV 28 ACCOUNTS RECEIVABLE 5600 COST OF GOODS 3800 SALES REVENUE 5600 INVENTORY 3800 NOV 29 SALES RETURN 560 ACCOUNTS RECEIVABLE 560 DEC 6 CASH 4889 SALES DISCOUNT 151 ACCOUNTS RECEIVABLE 5040 DEC30 CASH 3600 ACCOUNTS RECEIVABLE 3600

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