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Question

ow.comirrýtakeAssignment/takeA nokerassignments&takeAssignementSessionlocator; takebinprogressaae Sam porect 91Faee, o S SunGard Higher Edu Sieu as Southe m Uni Tweer?Macm4anLaudp? Chegg StudyOrder Calculator On December 28, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,200. On December 31. Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, saverman issued Beasley . ?edt memo for returned merchandise. The returned merchandise originaly cost Silverman $2,350 and was billed (nvolced) for $4,000 with terms 2/10, V30 a. Journalize the entries by Sliverman Enterprises to record the December 28 sale. Beasley paid the balance due on January 7 Dec. 28 Dec 28 b. Journalize the entries by Silverman Enterprises to record the maerchandise returned January 3 c. Journalize the entry to record the receipt of the amount due by 8easley Co on Januar

Explanation / Answer

a. Date Account Titles and Explanation Debit Credit Dec. 28 Accounts receivable 18500 Sales revenue 18500 (To record sales on account) Dec. 28 Cost of goods sold 11200 Inventory 11200 (To record cost of goods sold) b. Jan. 3 Sales returns and allowances 4000 Accounts receivable 4000 (To record sales returns) Jan. 3 Inventory 2350 Cost of goods sold 2350 (To record cost of goods returned) c. Jan. 7 Cash 14210 Sales discount ($14500 x 2%) 290 Accounts receivable 14500 (To record collection on account)

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