PART III-Mini Problems Journalize the following sales transactions for BMCC Fash
ID: 2597476 • Letter: P
Question
PART III-Mini Problems Journalize the following sales transactions for BMCC Fashion's Sportswear. Explanations are not required. You need to record both the journal entry for both the sales and the cost of goods sold and inventory reduction 8. On November 3-BMCC Fashion's Sportswear sold $15,000 of women's sportswear on account, credit terms are 2/10, net 30, Cost of goods is $10,000. 9. On November 6-BMCC Fashion's Sportswear received a $5,000 sales re damaged goods from the customer in previously charged at $3,000 for these returned goods. problem number 8.Cost of Goods Sold was 10. November 9 - BMCC Fashion's Sportswear received payment from the customer for the amount due, less the return and the discount which amounts to S9.800. Information to be used for Problems 11 and 12 and 13: BMCC Fashion's Sportswear uses the Perpetual Inventory System BMCC Fashion's Sportswear acquired and sold the following merchandise in November November 1 Purchased 100 dresses at $20 cach or $2,000. November 2 Sold all 100 dresses that were purchased on November 1. November 5 Purchased 100 more dresses at $40 each or $4,000 November 20 Sold 50 more dresses that were purchased on November 5Explanation / Answer
8)
ACCOUNT RECEIVABLE A/C DR 15000
TO SALES REVENUE A/C 15000
COST OF GOODS SOLD A/C DR 10000
TO INVENTORY A/C 10000
9)
SALES REVENUE A/C DR 5000
TO ACCOUNT RECEIVABLE A/C 5000
INVENTORY A/C DR 3000
TO COST OF GOODS SOLD A/C 3000
10)
CASH A/C DR 9800
DISCOUNT EXPENSE A/C DR 9800
TO ACCOUNT RECEIVABLE A/C 10000
(being cash received after deducting discount)
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.