tl Journalizing sales transactions ize the following sales transactions for Anti

Question

tl Journalizing sales transactions ize the following sales transactions for Antique Mall. Explanations are not uired. T he company estimates sales returns at the end of each month. Sold $16,000 of antiques on account, credit terms are n/30. Cost of goods is $8,000. Received a $300 sales return on damaged goods from the customer. Cost of goods damaged is $150. Antique Mall received payment from the customer on the amount due from Jan. 4, less the return. Sold $4,900 of antiques on acount, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450. Antique Mall paid $70 on freight out. Received payment from the customer on the amount due from Jan. 20, less the discount. Jan. 4 8 13 20 20 29 B5-22 Journalizing purchase and sales transactions Journalize the foll ewing transactions for Soul Art Gift Shop. Explanations are not

Explanation / Answer

Answer

Journal Entries:

Date Particulars Dr Cr Jan.4 Accounts Receivable $16000 Sales Revenue $16000 Cost of Goods Sold $8000 Merchandise Inventory $8000 Jan. 8 Sales Returns and Allowances $300 Accounts Receivable $300 Merchandise Inventory $150 Cost of Goods Sold $150 Jan. 13 Cash $15229 Sales Discounts(15700*0.03) $471 Accounts Receivable(16000-300) $15700 Jan. 20 Accounts Receivable $4900 Sales Revenue $4900 Cost of Goods Sold $2450 Merchandise Inventory $2450 Jan. 20 Delivery Expense $70 Cash $70 Jan. 29 Cash $4851 Sales Discounts(4900*0.01) $49 Accounts Receivable $4900

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