Antiques by Addie has a perpetual inventory system. Journalize the following transaction.. explaination are not...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Antiques by Addie has a perpetual inventory system. Journalize the following transaction.. explaination are not required the company estimated sales returns at the end of each month. Assume the company record sales at the net amount. Round all numbers to the nearest whole dollar.
Jan. 4 Sold $12,000 of antiques on account, credit terms are n/30. Cost of goods is $6,000. 8 Received a $300 sales return on damaged goods from the customer. Cost of goods damaged is $150. 13 Antiques by Addie received payment from the customer on the amount due from Jan. 4, less the return. 20 Sold $5,100 of antiques on account, credit terms are 2/10, n/45, FOB destination. Cost of goods is $2,550. 20 Antiques by Addie paid $150 on freight out. 29 Received payment from the customer on the amount due from Jan. 20, less the discount
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Antiques by Addie has a perpetual inventory system. Journalize the following transaction.. explaination are not required the company estimated sales returns at the end of each month. Assume the company record sales at the net amount. Round all numbers to the nearest whole dollar. 