Prepare the journal entries to record the following sales transactions in Bramble Corp.s books. Bramble uses a perpetual inventory
system. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select No Entry" for the occount titles and enter for the amounts. Record journal entries in the order
presented in the problem.
Jan. Bramble sold $ of goods to Xtra Inc, terms FOB destination. The cost of the goods sold was $
Bramble expected a return rate of
The appropriate company paid freight costs of $
Xtra returned $ of the merchandise purchased from Bramble on January because it was not needed. The cost
of the merchandise returned was $ and it was restored to inventory.
Feb. Bramble received the balance due from Xtra.
Date
Account Titles and Explanation
Debit
Credit
To record credit sale
To record cost of goods sold
To record return of goods
To record cost of goods returned
