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Journalize the following sales transactions for Mike Sportswear Explanations are not regured. The company emates sales res net amount) (Click the icon to view the transactions.) te and each mor e the company was a perpetu a ry and records and do not revia) Journalize the sales transactions. Explanations are not required. (Record debits first, then credits Exclude explorations from ouma entries. Check your engar May 1: Mke sold $24,000 of men's sportswear for cash. Cost of goods solis $12.000 Begin by preparing the entry to jumalize the sale portion of the ansaction. Do not record the expense related to the sale. We wil do that in the blowing up Date Accounts Debit Credit May 1 Now journalize the expense related to the May 1 --Cout of goods sold. $12,000 Date Accounts Debit May 3: Mke sold 560,000 of women's sportswear on account, creditems are 2/10,00. Cost of goods is $27.000 Bogin by preparing the entry to your name the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step Debit Accounts Credit Date Enter any number in the edit fields and then continue to the next question Save for Lator MacBook Pro ournalize the following sales transactions for Mike Sportswear. Explanations are not required. The company estimates sales returns at the end met amount.) (Click the icon to view the transactions.) May 3: Mike sold $60,000 of women's sportswear on account, credit terms are 2/10, 1/60. Cost of goods is $27,000. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the fo Date Accounts Debit Credit May 3 Now journalize the expense related to the May 3 sale Cost of goods, $27,000. Accounts Debit Credit Date May 3 May 5: Mike received a $4.000 sales return on damaged goods from the customer on May 1. Cost of goods damaged is $2,000. Start by preparing the entry to record the sales return and refund of cash. Do not update the Merchandise Inventory with this entry. We will do that in the fol Date Accounts Debit Credit May 5 Enter any number in the edit fields and then continue to the next question. Save for Later Journalize the following sales transactions for Mike Sportswear. Explanations are not required. The company estimates sales returns att net amount.) (Click the icon to view the transactions.) May 5: Mike received a $4,000 sales return on damaged goods from the customer on May 1. Cost of goods damaged is $2,000. Start by preparing the entry to record the sales retum and refund of cash. Do not update the Merchandise Inventory with this entry. We will Date Accounts Debit Credit May 5 Cost of goods returned, $2,00 Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise Dato Acce May 5 Dobit credi May 10: Mike receives payment from the customer on the amount duo, loss discount Date Accounts May 10 Enter any number in the edit fields and then continue to the next question Save for Later anations are not required. The company estimates sales returns at the end of each month. (Assume to n the customer on May 1. Cost of goods damaged is $2,000. of cash. Do not update the Merchandise Inventory with this entry. We will do that in the following step. Debit Credit More Info May 1 Mike sold $24,000 of men's sportswear for cash. Cost of goods sold is $12,000. 3 Mike sold $60,000 of women's sportswear on account, credit terms are 2/10, 1/60. Cost of goods is $27,000. 5 Mike received a $4,000 sales return on damaged goods from the customer on May 1. Cost of goods damaged is $2,000. 10 Mike receives payment from the customer on the amount due, less discount. Print Print Done mount Gue, less discount. Debit Credit nue to the next

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