Prepare journal entries to record each of the merchandising transactions assuming that the company records...
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Accounting
Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Apr.
1
Sold merchandise for $3,200, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $1,920.
Apr.
4
The customer in the April 1 sale returned $400 of merchandise for full credit. The merchandise, which had cost $240, is returned to inventory.
Apr.
8
Sold merchandise for $1,100, with credit terms of 1/10, n/30 invoice dated April 8. Cost of the merchandise is $770.
Apr.
11
Received payment for the amount due from the April 1 sale less the return on April 4.
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