Pieserited here are selected transactions for Nonis Company during July. Norris uses the perpetual inventory...
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Pieserited here are selected transactions for Nonis Company during July. Norris uses the perpetual inventory system. June 30 Noris estimates that 6% of its 30,000 Accounts Recelvable wil be returned Make the adjusting entry. July 1 Sold merchandse to Jones Company for $1000, terms 2/10, n/30. The merchandise sold had a cost of $750. 6. Granted $80 credit to Jones Comporry for the return of merchandise costing $60. 12. Recelved payment in full from Jones Company on what they owe for 7/1 (Discount foriented) 15. Purdused merchandise from Sarn's Corporation for $5,000, tetins 1/50, wa. 27 Pald Sartis Corporation what is owed from July tith purchase, (Less Discount) Instructions Joumalize lise foly transactions for Noris Company using the Net Method, Ulie the template provided in the instructions: Aceounts: Cash, Merchandise Inventory, Estimated Returns Inventory. Returns Liability, Sales, Discounts Forfelled, Cost of Goods Sold and Sales Returns and Allowances
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