60.1K

Verified Solution

Link Copied!

need help

Selected transactions follow for Springfield Sports Ltd. during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system. Feb. 2 Sold $1,151 of merNhandise to Andrew Noren on account, terms n/30. The goods had cost Springfield $758. 4 Andrew Noren returned for credit $139 of the merchandise purchased on February 2. The goods had cost Springfield $85 and they were returned to inventory. 5 Sold $768 of merchandise to Dong Corporation on account, terms n/30. The goods had cost Springfield $495. 8 Sold $840 of merchandise to Michael Collins for cash. The goods had cost Springfield $621. 10 Sold $915 of merchandise to Rafik Kurji account, terms n/30. The goods had cost Springfield $683. 22 Dong Corporation paid its account in full. 24 Andrew Noren purchased an additional $701 of merchandise on account, terms n/30. The goods had cost Springfield $411. 27 Sold $1,728 of merchandise to Batstone Corporation, terms n/30. The goods had cost Springfield $1,100. 28 Andrew Noren paid $1,012 on account. (a) Prepare the journal entries to record each of the above transactions. (List ail debit entries before credit entries. Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to the nearest whole dollar, eg. 5,275.) Prepare thejournal entries to record each of the above transactions. (Ust all debit entries before credit entries Credit occount bitles and enter Di Question 2 of 3 (To record cost of goods returned) (To record sales) (To record cost of goods sold) (To record sales) (To record cost of goods sold) (To record cost of goods sold) (To record sales) (To record cost of goods sold) (To record sales) (To record sales) (fo record cost of goods sold) (To record sales) (To record cost of goods sold)

Answer & Explanation Solved by verified expert

See Answer