5-18A (similar to) Antique Interiors reported the following transactions in Janu

Question

5-18A (similar to) Antique Interiors reported the following transactions in January o(Click on the icon to view the transactions) Requirements 1. Record the foregoing transactions in the journal of Antique Interiors. (You do not meed to make the cost of sales, esdimated relunds, or cost of esinated seurms jsund enties avsurne nuet beshe 10( 6 (O complete) company when it makes its other adjusting entries at period end )/üse the net method 2. Prepare a computation of net sales for the month of January tansacions) Requirement 1. Record the foregoing transactions in the journal of Antique Interiors. (You do not need to make the cost of made by the company when it makes its other adjusting entries at period end) (Record dabls first, then cred sales, estimaled refunds, or ceat of estimuated retm s Jan 2 Sold merchandise on account to Eva Baldwin, $1,500, terms 3/10, n/30 More into Journal Entry Date Accounts Debit Credit Jan 2 Sold merchandse on account to Eva B dim St 500m sn N) 10 Sold merchandise on ac court to Asiachant S2300 ww 11 Collected payment from Eva Bulidwin for the January 2 sale 15 Onchand returned $1.200 af the mechandse puchased on January t9 Colected paymentfom Amela Ochandfor the balance cheleu Jan 2 10 ad Print Done Choose from any list or enter any number in the input tields and then cick remaining O Type here to search

Explanation / Answer

Required journal entries are as prepared below:

Date Particulars L.F Amount ($) Amount ($) Jan-02 Account Receivable-Eva 1,500 Sales 1,500 (For merchandise sold) Jan-10 Account Receivable-Amela 2,300 Sales 2,300 (For merchandise sold) Jan-11 Cash 1,455 Sales discount (1,500*3%) 45 Account Receivable-Eva 1,500 (for cash collected) Jan-15 Sales Return 1,200 Account Receivable-Amela 1,200 (For goods returned) Jan-19 Cash 1,067 Sales discount (1,1,00*3%) 33 Account Receivable-Amela 1,100 (for cash collected)

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