Prepare journal entries to record each of the following sales transactions of a merchandising company....
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Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $6,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $4,080. Apr. 4 The customer in the April 1 sale returned $760 of merchandise for full credit. The merchandise, which had cost $ 456, is returned to inventory. Apr. 8 Sold merchandise for $2,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $2,030. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet Sold merchandise for $6,800, with credit terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit Apr 01 Record entry Clear entry View general journal
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